Capital Market Last Updated at October 21, 2021 11:04 IST
Jindal Stainless (Hisar) on Wednesday announced that it commissioned the 26,000 tonnes per annum (TPA) capacity at its precision strip mill as part of the first phase of its latest brownfield expansion plan at specialty products division.
The total Capex for brownfield expansion is estimated at Rs 450 crore over next two years. As part of the expansion of specialty products division, Jindal Stainless (Hisar) will increase its total precision strip capacity to 60,000 tonnes per annum by the end of Q2 FY23 with an estimated Capex of Rs 250 crore. To expand its market outreach, the company said it will also augment its blade steel capacity to 24,000 TPA from the existing 14,000 TPA over a period of two years with an estimated total capex of Rs 200 crore.
Commenting on the commissioning of phase I of expansion, Abhyuday Jindal, MD of JSHL said, The latest capacity addition to JSHL's Specialty Products Division portfolio will strengthen our product mix in the value-added segment and double our share in the global production to 8%. The capacity enhancement is expected to boost JSHL's revenues by 8-10%. Over the next two years, the planned SPD expansion will also enable us to foray into new export markets with an expanded range of product offerings.
Jindal Stainless (Hisar) Limited (JSHL) is an integrated stainless steel manufacturer with facilities starting from melting, casting, and hot rolling to cold rolling and other value additions. JSHL has a melt capacity of 800,000 TPA. On a consolidated basis, the company posted a net profit of Rs 358 crore in Q2 FY22 as compared to a net loss of Rs 93.89 crore in Q2 FY21. Net sales soared 225% to Rs 2,776.48 crore in Q2 FY22 over Q2 FY21.
Shares of Jindal Stainless (Hisar) were trading 0.02% higher at Rs 315.30 on BSE.
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