Jindal Steel & Power Chairman's Speech > Engineering - Heavy > Chairman's Speech from Jindal Steel & Power - BSE: 532286, NSE: JINDALSTEL

Jindal Steel & Power

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Chairman's Speech (Jindal Steel & Power) Year : Mar '15
Dear Shareholders,
 The year 2014-15 at JSPL has been one marked by significant changes. We
 overcame challenges that emerged from the external environment in a
 manner that has made us more future-ready than ever before. It tested
 our resolve and our organisational capability to counter headwinds.
 Ultimately our resilience made us even more confident that we will
 always continue to contribute positively to our stakeholders and to
 India''s long-term progress.
 It has also been an eventful year for global business. Global economic
 recovery was inconsistent across geographies and major industries, such
 as steel and power had to cope with multiple challenges. Against the
 backdrop of uncertainties, India remained a bright spot in the global
 landscape. The country''s economic fundamentals are sound, and the
 government is determined to remove impediments to economic development
 and social empowerment. In this context,it is pertinent to mention that
 the ''Make in India'' initiative has encouraged indigenous manufacturing
 expertise to compete at a global scale. Such an initiative is expected
 to take the share of manufacturing in the country''s Gross Domestic
 Product from around 16% to 25% by 2022. Additionally, the government''s
 thrust towards affordable housing for all, infrastructure development,
 developing smart cities and townships augurs well for the steel & power
 sector in India.
 At JSPL, we look beyond challenges at the opportunities they present,
 and apply our abilities with focus and foresight.  That is exactly what
 we did during the year. We optimised raw material consumption through
 best-in-class technology intervention; improved cost competitiveness;
 managed cash flows; focused on value-added products to attract new
 customers; and aligned long-term business strategies with diverse
 stakeholder expectations.
 In keeping with the government''s vision of enhancing indigenous steel
 production to 300 million tonnes by the 2025, we have augmented our
 installed steel capacity to 6.75 million tonnes.
 Here are some of the key achievements of FY 2014-15:
 * As part of the 6 MTPA Steel Project in Odisha - we operationalised
 the 1.5 MTPA steel melting shop in Angul, India''s largest 250-tonne arc
 furnace and a plate-mill that rolls out plates of up to 5 metre width -
 the widest in the country.
 * Our Coal Gasification Plant in Odisha - which is the world''s first
 Coal Gasification Plant to produce DRI by converting indigenous high
 ash coal into synthetic gas has facilitated energy and cost
 efficiencies in the steel making process at our Angul facility.
 * We commenced operations of the second unit of 4.5 MTPA iron ore
 pelletisation plant at Barbil in Odisha, doubling our annual
 pelletisation capacity to 9 MTPA.
 * We revamped our long rail welding plant and commissioned a new long
 rail handling facility, enabling us to contribute to the government''s
 vision to upgrade railways.
 * In Oman - We commissioned the 2 MTPA Steel Melting Shop, which is the
 first and largest Steel Melting Shop (SMS) of this scale.
 I am happy to share with you that we have achieved a landmark shift in
 the steel making process by embracing green technologies and process
 innovation, thereby increasing energy efficiencies. We continue to
 adopt innovative technologies to reduce our dependence on thermal coal.
 We commissioned India''s first Blast Furnace Pressure Recovery Turbine
 (BPRT) at our Raigarh steel plant, enabling a reduction of power
 consumption in the pressure recovery process by upto 37.4 %. As a part
 of our corporate mandate to partner India''s growth story, we are
 constantly focusing on innovative industrial products and solutions. We
 have developed high strength steel grades for various critical
 applications which can cater to shipbuilding, oil exploration, defence
 and nuclear sector.
 Our current regulated power generation capacity in Chhattisgarh is 2800
 MW; we recently synchronised the last 600 MW unit, which has taken our
 cumulative capacity to 3400 MW. This project has propelled us to become
 the largest single location power producer in Chhattisgarh- the energy
 cradle of India.
 Jindal Power Limited (JPL) emerged as the best performer in a
 comprehensive study of India''s power sector conducted under the aegis
 of the Ministry of Power and Central Electricity Authority (CEA). JPL''s
 units were awarded the Gold and Silver shields for meritorious
 performance in the power sector - for early completion of thermal power
 Notwithstanding several unfavourable developments during the last
 fiscal, including raw material, price fluctuations and availability
 issues, as well as the burden of high steel imports, JSPL performed
 with exemplary grit. Our revenues stood at Rs. 19,626 crore with an
 EBITDA of Rs. 5,685 crore owing to enhanced scale and growing markets.
 Our net profit was impacted significantly on account of the additional
 levy of Rs. 295/ton on coal extracted, imposed as a result of the
 Hon''ble Supreme Court''s judgment cancelling all coal block allocations
 since 1993.
 We have been a consistent value creator for the nation ever since
 inception, and our experience, expertise and assets represent our
 growing ambition to emerge as a global industry frontrunner. We are
 confident that our enhanced capacities and capabilities will continue
 to create long-term value for all stakeholders.
 At JSPL, we stand at the forefront of opportunities, and are well
 poised to overcome all upstream challenges with alacrity, by leveraging
 our domestic, as well as global raw material sourcing options. We
 believe that our prudence in bidding rationally unlike industry peers
 will be vindicated in the near future. Our investments in mining assets
 across India, Australia, Africa and Indonesia for coal and iron ore
 will ensure uninterrupted raw material supply.
 Going forward, we will continue to partner in nation building by
 focusing on developing new markets and expanding our existing markets
 within the country. Globally, we will seek opportunities across
 high-growth markets by increasing production capacity, diversifying
 investments and leveraging our global capacities and capabilities.
 At JSPL, we are reinforcing the ecosystem for long-term value creation
 through community engagements to create better social opportunities in
 our operative geographies. JSPL Foundation is an expression of the
 Company''s vision towards sustainable and inclusive industrial growth
 and development in India. We remain committed to the conservation and
 protection of our environment, and are consistently reducing
 environmental footprints in our operations.
 The vision of our founder Shri O P Jindal is our guiding force that
 inspires us to create sustainable value for the community at large and
 building the nation of our dreams.
 I am grateful to all our stakeholders for their continued support and
 cooperation; together we will strive to work in pursuit of greater
 value and socio-economic development - for us, our communities and our
 Naveen Jindal
Source : Dion Global Solutions Limited
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