Jindal Steel & Power's consolidated sales up 30% to 4.4 MT in FY16

The Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) on Saturday said its consolidated steel sales rose 30% to 4.4 million tonnes (MT) last fiscal.

The company had clocked sales of 3.4 MT in 2014-15, it said in a statement.

"In continuation with our focus to fully utilise our built-up capacities and ramp up production, JSPL has achieved more than 4 MT of steel production and sales for 2015-16," it added.

The just-concluded January-March quarter marked both consolidated, production and sales of more than a million tonne in a single quarter, a first for JSPL, the firm said. 

"Our consolidated steel sales for 2015-16 stood at 4.4 MT, up 30% as against 3.4 MT in 2014-15, while production stood at 4.5 MT, up 24% as against 3.7 MT in 2014-15," JSPL added.

A significant increase in the company's sales and production indicates its ability to utilise opportunities arising out of increased demand in the fourth quarter (Q4) of 2015-16, it said.

On a stand-alone basis, JSPL said that for the March quarter, steel sales grew 37% to 1 MT from 0.74 MT in October-December while production was at 0.97 MT as against 0.78 MT during the same period.

Last year, in January-March, the company's sales came in at 0.78 MT and production stood at 0.88 MT.

"Our growth has been backed by a steady and gradual ramp-up of our Angul (Odisha) plant, which nearly doubled production from 0.46 MT in 2014-15 to 0.9 MT in 2015-16," it said.