Jindal Steel & Power (JSP) has reported record sales of 0.79 million tonne (mt) in March and 7.63 mt in FY22, up 5.03 per cent YoY. Strong sales in March were driven by record production of 0.77 mt, up 5 per cent YoY, the company said. The strong operational performance resulted in the company reporting the highest ever show for the March quarter of 2.11mt, up 2 per cent YoY.

• Transrail Lighting Bags Rs 459 Cr MENA Transmission Orders
• Kotak Mahindra Bank Hikes DCC Fee to 3.5% from August
• Jubilant Pharmova Arm Gets USFDA Nod for Antacid Drug
• TVS Motor Jumps 3.75% as NTORQ 125 Gets New Colours
• Fortis Healthcare Falls 2.25% as Delhi Govt Orders Probe

“Despite a challenging FY22, which saw two races of the pandemic, JSP managed to meet its production guidance, breaching the 8 million tonne mark for the first time,” it said.

Exports accounted for 33 per cent of sales in March, in line with the FY22 share.

“The company has achieved its production target for FY22. We aim to produce more than 9 million tonne in FY23. Our Angul plant expansion is on track, and we expect to reach more than 15mt capacity by FY25,” said VR Sharma, Managing Director, Jindal Steel and Power.

The company has significantly enhanced its raw material supply after winning four new coal blocks recently, he said. “We are fully aligned with the government of India’s targets to achieve carbon neutrality in the future and continue to work towards reducing our carbon emissions,” Sharma added.