The capital market was last updated on October 21, 2021 at 11:04 IST
Jindal Stainless Steel (Hisar) announced on Wednesday that its precision strip rolling mill has an annual capacity of 26,000 tons (TPA) as part of the first phase of its special products division’s latest brownfield expansion plan.
The total capital expenditure for brownfield expansion in the next two years is estimated to be 4.5 billion rupees. As part of the expansion of the specialty products division, Jindal Stainless (Hisar) will increase its total precision strip production capacity to 60,000 tons per year by the end of the second quarter of FY23, with an estimated capital expenditure of 2.5 billion rupees. In order to expand the market, the company said it will also increase its blade steel production capacity from the existing 14,000 TPA to 24,000 TPA within two years, with an estimated total capital expenditure of Rs 2 billion.
Commenting on the commissioning of the first phase of expansion, Abhyuday Jindal, managing director of JSHL, said that the latest capacity of JSHL's special products division product portfolio will strengthen our product portfolio in value-added areas and double our share of global production to 8 %. The increase in production capacity is expected to increase JSHL's revenue by 8-10%. In the next two years, the planned SPD expansion will also allow us to expand into new export markets by expanding our product range.
Jindal Stainless Steel (Hisar) Co., Ltd. (JSHL) is a comprehensive stainless steel manufacturer with facilities ranging from smelting, casting, hot rolling to cold rolling and other value-added facilities. The melting capacity of JSHL is 800,000 TPA. On a consolidated basis, the company achieved a net profit of Rs 35.89 crore in the second quarter of fiscal year 22, and a net loss of Rs 93.89 crore in the second quarter of fiscal year 21. Compared with the second quarter of fiscal year 2021, net sales in the second quarter of fiscal year 22 soared by 225%, reaching 277.648 billion rupees.
Jindal Stainless Steel (Hisar) shares traded 0.02% higher on BSE to 315.30 rupees.
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(This story has not been edited by Business Standard staff and was automatically generated from the joint feed.)
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