JSW Ispat’s gross sales rose by 46pc in Q2 FY2021 to Rs9,448.4mn ($128.38mn) from the prior year quarter, according to the company’s quarterly results release on Oct 20. JSW Ispat Special Products formerly Monnet Ispat and Energy, was jointly acquired by JSW Group and AION Capital Management in August 2018.
The company’s Q2 sales rose by 60pc from Q1, a quarter marred by the COVID-19-related shutdowns. In H1, sales increased by 8pc to Rs1,535.27mn from the prior year period. The company’s plants in Raigarh and Raipur were shut on March 25 and restarted on May 2 and May 16, respectively.
| JSW Ispat Q3 results | |||||
|---|---|---|---|---|---|
| (Unit: Rs mn) | Q2 2021 | Q2 2020 | YoY Change | Q1 2021 | QoQ Change |
| Gross sales | 9,448.4 | 6,482.9 | 46% | 5,904.3 | 60% |
| Revenue | 9,553.3 | 6,604.4 | 45% | 5,945.7 | 61% |
| Total Income | 9,578.4 | 5,976.8 | 60% | 6,641.1 | 44% |
| Net Loss | 620.6 | 1,114.4 | 1,536.5 | ||
Better sales and revenues in Q2, helped the company significantly narrow its net loss to Rs620.6mn ($8.43mn) from Rs1,114.4mn ($15.14mn) in Q2 FY2020. Despite the impact of the pandemic, JSW Ispat managed to contract its first half net loss to Rs2,157.1mn from Rs2,466.8mn in the prior year H1.
JSW Ispat is a primary steel producer with an integrated steel plant of 1.5mn mt annual capacity in Raigarh. The plant produces rebars, HR plates and structure profiles. The company is also the second largest sponge iron producer in India.