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Jindal Stainless Ltd (JSL) has reported a 26 per cent fall in profit after tax to ₹67 crore for the first quarter of 2019-20. The company had reported a net profit of ₹91 crore in the corresponding quarter of the previous financial year.
Pointing out the challenges, the company said, “The Indian stainless steel market is currently facing a serious threat from subsidised imports. Indonesian imports, which had leaped by approximately 14 times from 2017-18 to 2018-19, remained a grim concern in the first quarter of 2019-20 as well.”
Net revenue during the period under review stood at ₹3,067 crore, 2 per cent lower than ₹3,138 crore net revenue reported in the same quarter of the preceding fiscal.
Commenting on the first quarter performance, Managing Director of JSL, Abhyuday Jindal, said, “Our performance in the first quarter indicates our strong financial position. The outlook for the business remains positive with the outlay of significant investments by the government in the Union Budget for railways and infrastructure. However, we continue to face a challenge from high levels of imports, particularly from Free Trade Agreement-countries like Indonesia and Vietnam. In the wake of these emerging business challenges, we have carried out an internal restructuring to sharpen our key focus areas.”
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