Companies

Jindal Stainless jumps 58% in net profit

Our Bureau | | Updated on: May 05, 2022
Abhyuday Jindal, MD, Jindal Stainless

Abhyuday Jindal, MD, Jindal Stainless | Photo Credit: X

Net revenue stood at ₹3,802 crore, up 38 per cent

Jindal Stainless (Hisar) Ltd (JSHL) reported a 58 per cent jump in standalone net profit to ₹357 crore for the quarter ended March 31, 2022, . Net profit in the year-ago-period stood at ₹226 crore.

During the period under review, net revenue stood at ₹3,802 crore, up 38 per cent against ₹2,758 crore in the corresponding period last year.

Sales volume dropped by 2 per cent to 178,784 tonne.

For the full fiscal, the company’s standalone net profit saw a 167 per cent rise y-o-y to ₹1,275 crore while revenues rose 61 per cent, to ₹13,549 crore. Sales volume grew 22 per cent to 702,168 tonne.

During FY22, JSHL’s interest cost fell 52 per cent ₹112 crore.

According to Abhyuday Jindal, Managing Director, JSHL, the company would continue to establish long-term mutually beneficial relations through world-class products, transparent policies, and improved services.

“Going ahead, we will continue our efforts to harness renewable energy and set up an infrastructure to effectively reduce carbon emissions,” he said.

Imports from China

Subsidised and imported Chinese and Indonesian stainless steel continued to be dumped in the Indian market, the company said adding that this led to “reduced price levels” in domestic markets.

Imports from China and Indonesia are estimated to have risen by 147 per cent and 280 per cent, respectively in FY22. As a result, the share of imports rose to 36 per cent of demand during Q4FY22.

JSHL, said, it strategically upped the exports mix share during the quarter which “more than doubled” compared to Q4FY21.

Published on May 05, 2022
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