JSPL Posted Strong Quarter, Boosted by Buoyant Export Markets

SEATTLE (Scrap Monster): Jindal Steel & Power Limited (JSPL) posted strong quarterly results in 1QFY22, despite adverse market conditions and disruptions on account of second wave of pandemic in the country. The weakness in domestic demand was offset by buoyant export markets.

According to company press release, the first quarter steel production hit new record of 2.01 million tonnes, whereas sales totalled 1.61 million tonnes. The pellet production in 1QFY22 recorded increase by 6% over the prior quarter to 2.16 million tonnes. The external sales of pellets too increased to touch 0.40 million tonnes.

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The standalone revenues rose by 65% over the prior year quarter to INR 10,385 crore. Meantime, the standalone EBITDA, at INR 4,524 crore, was higher year-on-year. Also, JSPL reported profit after tax of INR 2,661 crore.

The company reported consolidated net revenues of INR 10,610 crore, significantly higher by 63%. The EBITDA and consolidated PAT stood at INR 4,539 crore and INR 2,516 crore respectively.

JSPL’s Mozambique operations continued to ramp up production. The Russell Vale mine in Australia is ready for production, whereas Wongawilli colliery continues to remain under care & maintenance, the press release said.