JSPL Recorded Highest Ever Steel Output Volumes

SEATTLE (Scrap Monster): The Jindal Steel & Power Limited (JSPL) Standalone recorded highest ever steel production volumes during fourth quarter FY21. The production volumes, including pig iron, totalled 2.07 million tonnes, significantly higher by 35% over the previous year.

The JSPL Standalone reported a record EBITDA of INR 4,884 crore. The company posted highest ever quarterly profit of INR 3,426 crore, driven by robust operating profit and declining interest costs. It clocked 37% year-on-year jump in sales to 1.91 million tonnes. Also, JSPL’s share of exports surged higher from 21% in the prior quarter to 27% in fourth quarter FY21.

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According to company press release, the company is all set to double its steelmaking capacity at Angul, Odisha to 12 MTPA from present levels of 6 MTPA. JSPL targets to reduce costs and improve its product mix at Angul, thereby transforming itself into one of the highest margin steel producers across the globe.

The company achieved record production, revenues and profitability during the quarter. It ended FY21 on a strong note, with consolidated EBITA touching a record of INR 14,444 crore and a net profit of INR 5,527 crore, after posting six continuous years of losses.