Jindal Steel and Power (JSPL) produced 1.54mn mt of steel in Q4 (Jan-March) of the fiscal year 2020, down by 2pc from 1.57mn mt in the prior-year period, according to a company release. The company reported an 8pc drop in steel products sale to 1.40mn mt in the quarter from 1.52mn mt in Q4 FY2019. A shortage of migrant labour has exacerbated the situation as the construction activities in the region have slowed down.
JSPL Standalone (India) production and sales
|Steel (mn mt)||Q4FY2020||Q4FY2019||Pc change||2019-2020||2018-2019||Pc change|
On consolidated basis, JSPL produced 2.11mn mt of steel in Q4, up by 5pc, while the sales declined by 2pc to 1.93mn mt from 1.98mn mt in Q4 FY2019. Production at Oman unit amounted to 0.57mn mt. Sales declined on the back of COVID-19 outbreak in countries like UAE, Kuwait, Oman, Qatar which remain under lockdown.
In Q4, the company produced 1.90mn mt of pellets, up by 6pc and sold 0.46mn mt.
In FY 2020, JSPL Standalone and consolidated posted a 13pc and 12pc increase in steel output to 6.30mn mt and 8.17mn mt, respectively. Steel product sales rose by 12pc and 10pc to 6.06mn mt and 7.94mn mt, respectively, from 5.41mn mt and 6.93mn mt, respectively in FY2019.
In Q4, the company posted a 20pc drop in net revenue to Rs59,300mn ($783.970mn) from Rs74,020mn in Q4 of fiscal 2019. The company’s EBITDA increased by 8pc to Rs15,620mn ($206.53mn) due to increased realizations and marginally falling costs.