Companies

Jindal Stainless Q3 profit zooms 229% to ₹170 crore

Our Bureau New Delhi | Updated on February 04, 2021

Jindal Stainless posted a consolidated net profit of ₹170 crore for the October-December quarter of the ongoing financial year, charting a year-on-year rise of 229 per cent. Net sales volume stood at 250,562 tonnes, growing 5 per cent year-on-year.

The company reduced its total debt by 24 per cent to ₹2,765 crore during the first nine months period of the fiscal year 2021. However, at ₹127 crore, consolidated net profit for these nine months remained 9 per cent lower than for the same period in the previous financial year.

“Buoyed by increasing demand in auto, P&T and hollowware sectors, the outlook for the domestic stainless steel market remains strong,” Managing Director Abhyuday Jindal said in a statement.

Budget proposals

However, the recent announcement of a temporary suspension of Countervailing Duty (CVD) in the Union Budget “will allow free flow of subsidised stainless steel products in the Indian market, which is a big setback for the domestic industry, which is already operating at 60 per cent of its capacity,” he said. “It is even more hurtful for the MSME sector, which caters to over 35 per cent of the domestic stainless steel market.”

Published on February 04, 2021

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