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

 New Delhi: The Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) on Saturday said its consolidated steel sales rose 30 percent 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 percent as against 3.4 MT in 2014-15, while production stood at 4.5 MT, up 24 percent 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 percent 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.