JSPL recorded the highest ever quarterly domestic production of crude steel and related products with a 22% year on year growth in the third quarter ended December 2019, as a result of the strong and consistence performance across all locations, especially in the Angul operations. The total crude steel and related production stood at 1.61 million tonnes, compared to 1.32 million tonnes in the corresponding period last year.
During Q3 December 2019, JSPL has recorded a growth of 30% in sales at 1.66 million tonnes as against 1.27 million tonnes in the same period last year. Export shipments increased to more than 3 lakh MT, an increase of 213% (Y-o-Y) during Q3 December 2019.
JSIS-Oman also observed highest ever Sales & production during Q3 December 2019. Steel Sales increased by 27% (Y-o-Y) to 0.572 million MT and steel production increased by 10% to 0.502 million MT.
Union Finance Minister Nirmala Sitharaman recently unveiled Rs 102 lakh crore of projects under National Infrastructure Pipeline (NIP), which is to be implemented in the next five year as part of the government’s spending push in the infrastructure sector.
Increased demand from infrastructure projects especially for segments like railways, defense, petroleum, and pipelines will certainly drive steel demands for JSPL, the company’s MD, V R Sharma, said.
JSPL has rocketed 78.3% in last three months outperforming Nifty Metal index’s 19.83% rise. The stock trades above its 20 days and 50 days simple moving average placed at 152.29 and 143.30 respectively. These levels will act as support zones in near term.
JSPL’s segments include iron & steel, power and other. The other segment consists of aviation services and machinery division. The firm’s product portfolio consists of steel product mix, construction solutions, and construction material and solutions.
On a consolidated basis, JSPL reported a net loss of Rs 300.50 crore in Q2 September 2019 as compared to net profit of Rs 137.88 crore in Q2 September 2018. Net sales fell 10.4% to Rs 8,939.47 crore in Q2 September 2019 over Q2 September 2018.