Companies

Jindal Stainless Q4 profit plunges 72%; to exit CDR

New Delhi | Updated on May 20, 2019 Published on May 20, 2019

Jindal Stainless Ltd (JSL) on Monday reported a ₹32-crore net profit for the fourth quarter of FY19. This was a 71.9 per cent fall from the ₹114.7-crore net profit for the same quarter of FY18.

Total income rose 2.41 per cent to ₹3,260.1 crore. Shares of JSL closed 12.24 per cent higher at ₹38.4 on the BSE on Monday.

In a positive development, the company said it has received approvals to exit the Corporate Debt Restructuring (CDR) programme it was undergoing. “The consortium of CDR lenders has agreed to allow CDR exit for the company with effect from March 31, 2019, subject to requisite approvals from their respective competent authorities. The aggregate liability of recompense as on March 31, 2019, was determined at ₹191 crore as per extant guidelines,” said a company statement.

Published on May 20, 2019
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