Jindal Steel & Power (JSP) on Monday said its steel production soared to a record 8.01 million tonnes in 2021-22 and sales surged to an all-time high of 7.63 million tonnes during the year.
In March 2022, the company posted record sales of 0.79 million tonnes. Strong sales were driven by record production of 0.77 million tonnes, posting a growth of 5 per cent in March, year-on-year.
The strong operational performance resulted in the company reporting the highest ever production for the fourth quarter at 2.11 million tonnes, registering two per cent growth year-on-year.
Despite facing several challenges throughout the financial year 2021-22, JSP managed to meet its production guidance, breaching the eight million tonne mark for the first time, Jindal Steel & Power said in a statement.
For the fifth consecutive year, JSP has recorded strong growth in annual steel sales on a year-on-year basis. In FY22 as well a new annual record has been established with 7.63 mt of steel sales (5.03 per cent Y-o-Y growth), the company said.
Exports accounted for 33 per cent of sales in March, in line with the FY22 performance, it said.
"The company has achieved its production target for FY22. We aim to produce more than 9 million tons in FY23. Our Angul plant expansion is on track and we expect to reach more than 15 mt capacity by FY25," V R Sharma, Managing Director, Jindal Steel and power, said in the statement.
"The Company has significantly enhanced its raw material supply after winning four new coal blocks recently. 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.
( With inputs from ANI )
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