India: JSPL Export Shipments Increase to Over 0.3 MnT in Q3 FY'20

Jindal Steel & Power Ltd - one of India's major steelmaker announced quarterly output results today for Q3 FY'20. Export shipments increased to more than 3 Lakh MT an increase of 213% (Y-o-Y) during Q3 FY'20.

Company’s crude steel output inch up by 2% in Q3 FY'20- JSPL’s crude steel output from Indian operations witnessed a marginal increase of 2% Q-o-Q basis in Q3 FY’20 to 1.61 MnT which was 1.58 MnT in Q2 FY’20.

With this, the company also recorded the highest ever crude steel output in Q3 on the back of strong and consistent performance across all locations and at the Angul plant.

Also, on a yearly premise, the same jumped by 22% in Q3 FY'20 as compared to 1.32 MnT in Q2 FY'19.

Company’s sales volume ascends by 14% in Q3 FY’20- JSPL sales volumes rose by 14% Q-o-Q in Q3 FY’20 to 1.66 MnT against 1.46 MnT in Q2 FY’20 owing to decent export bookings.

Also, on a yearly premise, the same climbed to 31% in Q3 FY'20 as against 1.27 MnT in Q3 FY'19.

In context to expansion plans, Mr. VR Sharma Managing Director of JSPL commented that "JSPL delivered a solid performance in the third quarter and the results were essentially in line with our expectations, this is despite adverse market conditions. JSPL, records forever highest rail sales volume for the quarter."

In context to expansion plans, he further added that Company is going to start our DRI-CGP (Coal Gasification plant) unit at Angul during Jan 2020, and together with a favorably evolving product mix, it is expected to further drive growth in sales and profit.