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Our Aim Is To Build Value In JSSL And We Remain Very Positive About The Long-Term Development Of The Indian Market.

Strategic priorities

Value building in India:

Our aim is to build further value in the business whilst the market continues its conversion from concrete to steel and its recovery from the effects of the pandemic.

Achievements in 2022

JSSL reported a strong order book of £158m at 1 June 2022 (1 November 2021: £140m), reflecting the strong underlying demand for structural steel in India.

The business has returned to profitability in 2022, following a difficult start to the year when output was disrupted by the second wave of COVID-19. This reflects revenue growth and margin improvement.

Continued to develop strong existing relationships with several key developers and clients for large commercial projects and developed formal strategic alliances with certain key clients, mainly for commercial, data centre and healthcare projects.

In response to the strong long-term growth projections for India and the expected conversion of the market from concrete to steel, in tandem with our joint venture partner, we are in the process of selecting a plot of land to facilitate expansion of the business in the future.

Objectives for 2023

Capitalise on the strong underlying demand in India for structural steel by continuing to grow the order book and optimise the mix of higher margin commercial work, to benefit operating margins.

Leverage the increased Bellary factory capacity as JSSL continues its expected recovery towards pre-pandemic levels of output in 2023.

Continue to invest in the management team, technical and operational staff to further drive efficiency improvements.

Complete the purchase of land to allow the business to expand its geographical footprint in India whilst providing it with the platform to build quickly and incrementally add the necessary volume to support the expected future market growth.