New Delhi [India]: Naveen Jindal-promoted Jindal Steel and Power Ltd (JSPL) said on Monday that it registered 16 per cent rise in production during second quarter (July to September) of the current financial year to 1.58 million tonnes in domestic operations with sales increasing by 10 per cent to 1.46 million tonnes.
The quarterly production and sales of steel and related products stood at 1.36 million tonnes and 1.32 million respectively in the same period last year.
“This has been one of the best quarters for JSPL on the back of strong operating and market performance,” said Managing Director VR Sharma.
“The company is on track to deliver its highest ever volumes this year. With the ramp up in production at Angul in Odisha, we are confident of further accelerating the growth momentum in terms of production and sales,” he said in a statement.
During the quarter of April to June, the company recorded steel and related products production of 1.57 million tonnes and sales of 1.51 million tonnes, marking a 17 per cent and 16 per cent growth, respectively.
“Now our top priority is to take earnings before interest, tax, depreciation and amortisation (EBITDA) to over Rs 12,000 crore per year on a consolidated basis and reduce net debt by more than Rs 10,000 crore to below Rs 30,000 crore over the next two years,” said Sharma.
“We are hopeful that at the end of the year, we will be able to close the same at around Rs 34,000 crore.”
During the quarter of April to June, the company recorded steel and related products production of 1.57 million tonnes and sales of 1.51 million tonnes, marking a 17 per cent and 16 per cent growth, respectively.
JSPL, a part of the 22 billion dollars diversified OP Jindal Group, has a significant presence in core infrastructure sectors including steel, power, mining and infrastructure.