Companies

Jindal Stainless Q3 net jumps 16% to ₹52 crore

Our Bureau New Delhi | Updated on February 11, 2020 Published on February 11, 2020

Jindal Stainless Limited reported a ₹51.68 crore consolidated net profit for the third quarter of financial year 2019-2020. This is 15.56 per cent higher than the ₹44.72 crore net profit reported in the same quarter during previous financial year.

Consolidated total income remained flat at ₹3,311.34 crore for the quarter under review. This is marginally (0.12 per cent) lower than ₹3,315.3 crore in the comparable quarter of the fiscal 2018-19.

“Sales volume rose by 17 per cent, from 2,04,083 tonnes to 239,283 tonnes in the third quarter of fiscal 2019-20; however, margins remained under pressure due to imports. In line with its proposed plans, JSL also received the consent-to-operate at an annual melt capacity of 1.1 million tonnes during this quarter. The company managed to log in good performance in exports with 39 per cent growth, from 36,954 tonnes to 51,369 tonnes in the quarter under review,” a company statement said.

Abhyuday Jindal, Managing Director, JSL, said, “Demand from certain segments like automotives remained muted in the quarter. Going forward, we will be able to leverage our strategic sourcing plan to minimise the impact of cost volatility for our raw material requirement.”

Shares of the company closed 0.72 per cent lower at ₹ 41.35 per share on Tuesday.

Published on February 11, 2020
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