BETTER EVERYDAY
BETTER EVERYDAY
With a focus on meeting consumer needs and an expanding range of product grades, we have successfully achieved improved profit margins and enhanced brand value. Our products not only contribute to our business success but also play a vital role in promoting environmental sustainability. By offering alternatives to plastic, reducing emissions, and facilitating the development of renewable energy infrastructure, our products have a significant positive impact on the environment. We are proud to be a part of the solution and remain committed to driving positive change through our consumer-oriented approach and innovative product portfolio.
Consolidated steel sales volume in FY 2022-23
Exclusive and non-exclusive retail outlets
Capitals deployed
MANUFACTURED
INTELLECTUAL
Capitals enhanced
SOCIAL AND RELATIONSHIP
FINANCIAL
Key risks
Material issues
Key trends
We consistently and strategically expand our VASP (Value-Added and Special Products) portfolio, aligning it with domestic and global market prospects. India's steel exports predominantly comprise special steels, and we are playing a crucial role in meeting this demand. In the last three years, we have significantly increased our downstream capacities, witnessing substantial uptake of our finished products. In light of this, we regularly undertake downstream expansion initiatives that either maintain or enhance the proportion of value-added products in our overall product portfolio.
Downstream projects completed over the last three years
Vijayanagar
JSW Vasind, Tarapur and Kalmeshwar
Total capacity at Vasind, Tarapur and Kalmeshwar post expansion
JSW coated products
We offer a range of coated steel products that provide anti-corrosive properties. Galvanised steel is the most in-demand, accounting for over half of the market. Galvalume and colour-coated steel are also experiencing rapid growth, finding applications across various industries. There is significant potential for further growth, as India's per capita usage of coated steel is currently only around 6kg, compared to 50-60kg in the US and Europe. Rural consumption is expected to be a key driver of growth. Coated steel demand is projected to grow at a CAGR of approximately 10%, surpassing 13 MTPA by FY 2024-25. This growth rate is 1.5 times faster than that of the overall steel industry and the domestic GDP. JSW Steel currently serves multiple brands with its coated steel products, including GI (Vishwas), GL (Silveron), Colour Coated (Everglow, Colouron+, Pragati+) and OEM products (Radiance).
For us, the central focus of all our marketing and branding efforts is the customer. There is a strong emphasis on expanding our presence across various sectors and elevating the brand's worth through carefully crafted marketing initiatives that aim to increase awareness and consideration. Our marketing strategy aligns seamlessly with our organisational objective of emerging as the leading producer in the market, specialising in premium products that provide exceptional value to our customers.
High brand recall
With an objective to establish ourselves as a leading player in the category and to drive top of mind awareness, we introduced the 'Always Around' campaign. This innovative communication utilises a creative storytelling technique called 'Claymation' to showcase our extensive presence across various sectors, emphasising the key message of 'Where there is Steel, there is JSW Steel'. This campaign was brought to life through a 360-degree media campaign spread across TV, Digital and Out of Home (OOH).
The campaign was live on TV for a period of ~6 weeks and its launch happened through the India-South Africa T20 series in June 2022. Apart from this, the campaign was also run on major news channels across Hindi and English languages, business and regional channels.
People reached
Increase in brand awareness from base
On the digital front, the campaign was live on Disney+ Hotstar, YouTube, other social media platforms and via Programmatic media buying, which covered major news publications such as NDTV, Financial Express and Moneycontrol, among others
Disney+ Hotstar:
YouTube
Social Media
Programmatic
In the OOH segment, to drive up imagery, we strategically used digital screens at 12 major airports with 300+ sites for 15 days
Retail initiatives
Our retail marketing initiative aims at bringing our customers closer to steel with best-in-class customer experience and a wide range of products. We have one of the largest distributor and retailer networks in the country covering a wide range of towns with a distinct customer base.
Exclusive and nonexclusive retail outlets
Distributors
Presence across towns
Customer connect through branded stores
Our branded store formats of JSW Shoppe & JSW Shoppe Connect continue to set standards for steel retailing in the category. With a continued focus on expansion and reaching the maximum number of customers, we expanded our network by 394 stores during the year.
Branded store network across 1,086 towns
Influencer engagement
Our flagship influencer connect programme, JSW Privilege Club, continues to gain momentum. The programme works on a three-pronged model of providing economical, emotional and egocentric benefits to our influencers. During FY 2022-23, to safeguard our influencers and provide them with a sense of security, we gave 17,000+ accidental insurance to our influencers. To ease the transfer of rewards and usher in digitisation, direct UPI cash transfers were done to reward influencers. Moreover, to boost brand loyalty, we launched the JSW Superstar Fabricator and Mason programme to felicitate our best influencers.
New influencers enrolled into our programme taking the total count to 52,000+ influencers across India
Apart from the rewards and recognition, we also put in efforts in upskilling our influencers through our JSW Eklavya Training Programme. The training initiative helps our influencers become confident ambassadors of our brand and products. Our customers benefit from this by getting best in class service and product information from our influencers, thus helping us create brand loyalty across the value chain.
Influencers trained in FY 2022-23
Awards and accolades
Our relentless commitment to prioritising the needs of our customers, utilising imaginative narratives, and adding value for both influencers and end consumers has resulted in us receiving numerous accolades from esteemed institutions throughout the year.
We believe in being an integral part of India’s march towards self-reliance and becoming a global powerhouse. To drive this ambition, we introduced the all-new, technologically advanced LRPC strands. These strands are highly reliable and are designed to cater to the ever-growing infrastructure projects across India and globally. LRPC-based structures help lower the overall project cost by reduction in concrete, labour, time, and also enable longer span, sleek structures, higher structural safety and increase in usable space. The LRPC strands have usage in wide applications like bridges and flyovers, slabs in high-rise buildings, metros, nuclear reactors and LNG tanks, and dams and windmills.
Trust and reliability are key building blocks of our products. Taking this legacy forward and to establish a clear differentiation in the market, we expanded the warranty offering on Everglow - our most premium and advanced roofing solution to 20 years.
Colouron+ now comes with a warranty of 15 years. This enables us to build on the trust in our consumer’s mind and establish JSW Steel as a preferred choice in the category. Colouron+ is also now Green Pro Certified, fulfilling the promise of building a better tomorrow with sustainable products, keeping our environment and future generations in mind.
Cold-Rolled Grain Oriented electrical steel (CRGO) is a silicon alloy steel with unidirectional grain alignment, and exhibits extremely superior magnetic properties in the direction of grain alignment. We plan to expand our product portfolio by manufacturing CRGO, which possesses excellent magnetic properties. It is primarily used in various electrical applications such as transformers and rectifiers. The production of CRGO involves complex technology and limited patents, with JFE Steel Corporation being a leading supplier. We have conducted a feasibility study and pilot production for CRGO at our Vijayanagar Works facility, achieving quality standards comparable to JFE's production. Based on this success, we aim to establish a 50:50 joint venture with JFE in India for CRGO manufacturing, with JFE providing the technology and us supplying the HR substrate.
JSW One Platforms Limited (JOPL) was established with a vision to become India's largest B2B platform, offering a comprehensive and integrated solution for MSMEs, individual house builders, and influencers. JOPL provides technology, services, and solutions for sales and marketing of steel, cement, paints, and allied products across various industries. It offers online sales of multiple brands and leverages its proprietary technology for website design, order processing, customer service, fulfilment, and payment management. To further drive growth, JOPL has identified key enablers such as third-party logistics services and credit financing that are facilitated through its wholly owned subsidiary JSW One Distribution Limited (JODL). It has experienced exponential growth since its inception and is poised for continued expansion in the coming years, with significant investments planned to support its five-year growth strategy.
In FY 2023-24, to further enhance its growth, JOPL and its subsidiary, have planned the following initiatives:
1. Strategic geographic expansion
2. Supply reliability programme expansion
3. Digital Procurement and Credit Enhancement:
This initiative aims to attract more customers, streamline the procurement process, and drive higher transaction volumes.
With these growth levers, JOPL aims to expand its presence geographically, improve supply reliability, and enhance the digital procurement experience with increased credit availability. These initiatives will help JOPL capture new markets, acquire more customers, and drive revenue growth in the FY 2023-24.
The initiatives will help us enhance our reach to MSME enterprises and the home builder ecosystem, leading to improved brand visibility and incremental sales. Additionally, we will have the advantage of utilising an integrated data and analytics platform, giving us a deeper understanding of the market dynamics. This will enable us to engage more effectively with the influencer ecosystem, supported by a loyalty platform that expands touchpoints across all relevant categories, beyond steel. Through these initiatives, we aim to strengthen our presence in the market and create valuable connections with our target audience.
Near-term
Long term