Companies

Jindal Stainless’ annual profit grows 6-fold to ₹419 cr even as production falls

Our Bureau New Delhi | Updated on May 14, 2021

However, total revenue fell by 6 per cent on a year-on-year basis to ₹12,229.36 crore

Jindal Stainless Ltd on Friday said its consolidated profit after tax for financial year 2020-21 has grown almost six times from the previous fiscal to ₹419.46 crore.

However, total revenue fell by 6 per cent on a year-on-year basis to ₹12,229.36 crore, the firm said in a statement. Sales and production during the fiscal year also fell by 10 per cent each to 8.25 lakh tonnes and 8.74 lakh tonnes respectively, Jindal Stainless said.

For the January-March quarter, the firm’s consolidated profit after tax rose to ₹292.61 crore. In the same period last year, the firm had reported a loss of ₹66.2 crore.

“A steady demand in the domestic market across segments during the fourth quarter has helped growth in sales volume and revenue,” MD Abhyuday Jindal said.

“We’re now looking forward to the creation of a level playing field by the Government,” he added.

In February, the Centre, in the union budget, revoked the countervailing duty on imports of flat products of stainless steel originating in or exported from Indonesia.

“The move has opened the Indian economy to dumped and subsidised imports from China and Chinese investments in Indonesia. This is likely to adversely impact Indian manufacturing, especially the MSME sector, pushing it into trading in place of manufacturing,” the firm said.

Exports made up 21 per cent of the annual sales, as compared to 19 per cent in the previous fiscal, it added.

Published on May 14, 2021

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