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Q1FY'22: JSPL's steel production jumps by 20% to 2.01 MT year on year basis

Jindal Steel & Power Limited (JSPL) has reported strong steel production in the first quarter (Q1) of the current financial year (FY 2021-22) of 2.01 million tonnes

Q1FY'22: JSPL's steel production jumps by 20% to 2.01 MT year on year basis (Representative Image)
Q1FY'22: JSPL's steel production jumps by 20% to 2.01 MT year on year basis (Representative Image)

New Delhi: Jindal Steel & Power Limited (JSPL), continued to report strong production in the first quarter (Q1) of FY-2021-22. According to the company, the steel production of JSPL surged by 20 percent Year on Year (Y-o-Y) to 2.01 million tonnes (June 21 – 0.64 million tonnes), marking a record first-quarter production and second-highest quarterly production ever. “Conscious decision by the company to divert oxygen towards saving precious human lives led to production getting impacted slightly. Solid performance in Q1 FY’22 gives us the confidence of achieving FY22 production target of 8.0-8.5 million tonnes,” JSPL said an official release on Wednesday.

Despite challenging demand conditions in the domestic market, as a result of a severe than the expected second wave of COVID-19, JSPL sales were resilient at 1.61 million tonnes. Buoyant export markets continued to provide support with exports accounting for 44 percent of volumes in the month of June 2021 and 34 percent in Q1 FY22. Exports were however impacted by logistical challenges posed by adverse weather conditions leading to congestion at ports. Inventory of 1.5 lakh tonnes currently remains stuck at the port, which will be shipped as soon as the logistical bottlenecks are removed.

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“We are happy that despite pandemic adversities the company has maintained the growth momentum and an upward trajectory. We aim to produce 8.0-8.5 Million tonnes of steel in FY22 in line with our core philosophy of nation-building and working towards a self-reliant India. We also aim to reduce our overall debt to Rs 9,900 crores by the end of this financial year. We are confident that the India growth story is intact and our economy will continue its growth trajectory, `said JSPL's Managing Director VR Sharma, in a statement.

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