JSPL achieves its highest-ever annual revenue of Rs. 27,841 crore in FY’18
JSPL has achieved its highest-ever annual revenue of Rs. 27,841 crore, in FY’18, owing to the increase in steel consumption in India, coupled with the Govt. of India’s push towards more steel structures, buildings and infrastructure. The company has posted steel sales of 5.44 Million Tonnes (MT) in FY’18, registering a growth of 17% Y-o-Y and an increased production of 5.70 MT as against 4.80 MT in FY’17.
Power demand and exchange rates have also touched fresh highs in the current financial year, with the Govt. of India’s policy of providing ‘Power for All on a 24x7 basis’.
JSPL’s global mines situated in Oman, Mozambique and Australia have performed well during the quarter under review. Jindal Shadeed recorded its highest-ever production of 0.46 MT of crude steel (compared to 0.39 MT in Q4FY’17). The mines at Mozambique produced 0.33 MT ROM in FY’18. During the quarter under review, Wongawilli mines in Australia ramped up its production to 0.1 MT. The overall EBITDA for FY’18 stood at 23% as against 21% for FY’17, supported by better operating profits across all its steel and power operations globally.
In India, however, coal continues to remain a major challenge for JSPL in terms of availability and its consequential impact on prices that have been rising for the past 6 months. JSPL expects to overcome this challenge by the significant mitigation of this problem with the introduction of Commercial Mining as proposed by Govt. of India, whereby coal mining will be reopened for the private sector.