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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

Building value in India

Our aim is to build further value in the business whilst the market continues its conversion from concrete to steel and to take advantage of an economy which is expected to grow significantly in the medium term.

Achievements in 2023

JSSL reported a high-quality order book of £139m at 1 June 2023 (1 November 2022: £143m), reflecting the strong underlying demand for structural steel in India.

JSSL is continuing to ramp up its Bellary facility towards its maximum capacity and has recorded output for FY23 of 108,000 tonnes, including sub-contracted work. This is reflected in an improved profitable performance and a record EBITDA, driven by revenue growth and higher margins.

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, our plans to secure a plot of land, to facilitate expansion of the business in the future, are well advanced.

Objectives for 2024

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.

Identify further opportunities for organic growth including in adjacent sectors, with potential new clients and through widening the range of services that JSSL currently offers.

Leverage the increased Bellary factory capacity and maximise operational efficiencies as JSSL continues to increase its production volumes to support market growth.

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.