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Private Sector | Multi State - India | PID: 202912
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Jindal Stainless has set its sights on clocking 20 percent growth in its sales volume to 2.5 million tonne in the current financial year, even as the company will spend more than Rs 5,000 crore on capital expenditure this year.
Earlier this month, the company announced the capacity expansion at its downstream unit, buying majority stake in a steel company, and a joint venture for a steel melting shop in Indonesia, for which it will be spending Rs 5,400 crore over a period of three years. In FY25, the company plans to spend Rs 4,700 crore on capex, of which Rs 800 crore is from the previous year. The company will also spend an additional Rs 500 crore as maintenance capex. Most of its requirements will be sourced through internal accruals.
Jindal Stainless spent Rs 3,000 crore on capex in FY24. The country’s largest producer of stainless steel sold 2.17 million tonne of stainless steel in 2023-24, a growth of 23 percent, surpassing the company’s guidance of 20 percent for the year. The company has also guided for its operating profit in the range of Rs 18,000-20,000 per tonne this year, as against Rs 18,558 last year.
While Europe, and the US are the largest export markets for the company, it is also exporting to South America, Mexico and the Middle East. Exports are expected to be in the range of 10-15 percent for the year.
| Updated on: 22 - May - 2024
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