The Business Bytes
TBB BUREAU
NEW DELHI, APRIL 5, 2021
Riding on robust domestic demand, attractive export markets and a wide range of products, Jindal Steel and Power Ltd (JSPL) has ended the financial year 2020-21 on a strong note with sales touching a new high of 786,000 tonnes in March 2021, a growth of 61 per cent on year-on-year (y-o-y) basis.
With March 2021 production rising by 21 per cent y-o-y to 730,000 tonnes, production in the last quarter (Q4) of FY2020-21 crossed the 2 million tonnes (MT) mark for the first time ever (2.07 MT).
Notwithstanding the Covid-induced slowdown in the economy, JSPL posted the highest ever production and sales of 7.51 MT (up 19 per cent y-o-y) and 7.28 MT (up 20 per cent y-o-y), respectively in FY2020-21. Exports accounted for 35 per cent of sales in FY21 compared to 13 per cent in the prior year.
“We are proud of our team for producing 7.51 million tonnes of steel in the financial year 2020-21 marred by the global pandemic. This remarkable growth during the most challenging time has been possible due to our firm belief in the India growth story, our focus on creating opportunities in adversity and the dedication of each and every member of the JSPL family,” said JSPL Managing Director V R Sharma.
“We will continue to work towards our target of 15:15:50, i.e., 15,000 crore EBITDA: 15,000 crore Net Debt: 50,000 crore Gross Turnover,” he added.
