India: JSPL registers 18% y-o-y production surge in Feb '21 but sequential numbers dip

India's leading steel mill-Jindal Steel & Power Limited (JSPL) posts impressive growth numbers in production and sales in Feb '21 on the back of robust domestic demand, SteelMint learned from the company's recent press release in BSE.

Major highlights are given below:

1.Company posts 18% y-o-y growth in production-On an annual basis, JSPL's output increased by 18% in Feb '21 to 0.653 mn t against 0.554 mn t in Feb '20. Meanwhile, on a monthly basis, the company reported a 5% decline against 0.690 mn t in Jan '21.

2.Comapany's sales jump by 14% y-o-y-JSPL's sales volume rose to 0.546 mn t in Feb '21, up 14% y-o-y compared to 0.480 mn t in the year-ago period.

The company's production and sales were driven by strong demand from white goods, infra and construction sectors along with increased deliveries to railway projects which were hindered by the COVID contagion in early CY '20.

However, on a monthly basis, the same went down by 6% m-o-m against 0.580 mn t in Jan '21. In addition to this, the company's export shipments accounted for 26% of the total sales volumes in Feb '21. Slow offtake in the domestic market and better realizations in the overseas markets propelled the mill for exports in Feb '21.

"We are on our path of continuous growth month after month and will enhance production further without any new CAPEX in this financial year," said Mr. VR Sharma, Managing Director, JSPL.