Jindal Stainless Q4 net dips 70% to Rs 19 cr

The company had clocked a net profit of Rs 65 cr in the same quarter of previous fiscal

today posted over 70% plunge in at Rs 18.55 crore for the fourth quarter of 2011-12 due to depreciation of rupee and higher cost of chrome ore and coal.

The company had clocked a net profit of Rs 65.63 crore in the same quarter of previous fiscal, it said in a statement.

"The overall lower performance is attributable to unprecedented increase in the raw material prices of chrome ore and coal, and adverse exchange fluctuations arising on account of sharp depreciation of Indian rupee," it said.

Jindal Stainless said the government policy of keeping the interest rates at higher levels has clogged the expansion of the markets. Aggressive price under cutting and dumping of cheap quality products from China and Far-East Asia also impacted.

Total income from operations of the company during the quarter, however, were up at Rs 2,166 crore against Rs 1,742 crore in the January-March quarter of the previous fiscal.

Jindal Stainless' in 2011-12 was at Rs 8,765 crore against Rs 7,532 crore a year ago. However, it reported Rs 180 crore loss during the year compared to a net profit of Rs 314 crore in 2010-11.

image
Business Standard
177 22
Business Standard

Jindal Stainless Q4 net dips 70% to Rs 19 cr

The company had clocked a net profit of Rs 65 cr in the same quarter of previous fiscal

Press Trust of India  |  New Delhi 



today posted over 70% plunge in at Rs 18.55 crore for the fourth quarter of 2011-12 due to depreciation of rupee and higher cost of chrome ore and coal.

The company had clocked a net profit of Rs 65.63 crore in the same quarter of previous fiscal, it said in a statement.

"The overall lower performance is attributable to unprecedented increase in the raw material prices of chrome ore and coal, and adverse exchange fluctuations arising on account of sharp depreciation of Indian rupee," it said.

Jindal Stainless said the government policy of keeping the interest rates at higher levels has clogged the expansion of the markets. Aggressive price under cutting and dumping of cheap quality products from China and Far-East Asia also impacted.



Total income from operations of the company during the quarter, however, were up at Rs 2,166 crore against Rs 1,742 crore in the January-March quarter of the previous fiscal.

Jindal Stainless' in 2011-12 was at Rs 8,765 crore against Rs 7,532 crore a year ago. However, it reported Rs 180 crore loss during the year compared to a net profit of Rs 314 crore in 2010-11.

RECOMMENDED FOR YOU

Jindal Stainless Q4 net dips 70% to Rs 19 cr

The company had clocked a net profit of Rs 65 cr in the same quarter of previous fiscal

Jindal Stainless today posted over 70% plunge in net profit at Rs 18.55 crore for the fourth quarter of 2011-12 due to depreciation of rupee and higher cost of chrome ore and coal.

today posted over 70% plunge in at Rs 18.55 crore for the fourth quarter of 2011-12 due to depreciation of rupee and higher cost of chrome ore and coal.

The company had clocked a net profit of Rs 65.63 crore in the same quarter of previous fiscal, it said in a statement.

"The overall lower performance is attributable to unprecedented increase in the raw material prices of chrome ore and coal, and adverse exchange fluctuations arising on account of sharp depreciation of Indian rupee," it said.

Jindal Stainless said the government policy of keeping the interest rates at higher levels has clogged the expansion of the markets. Aggressive price under cutting and dumping of cheap quality products from China and Far-East Asia also impacted.

Total income from operations of the company during the quarter, however, were up at Rs 2,166 crore against Rs 1,742 crore in the January-March quarter of the previous fiscal.

Jindal Stainless' in 2011-12 was at Rs 8,765 crore against Rs 7,532 crore a year ago. However, it reported Rs 180 crore loss during the year compared to a net profit of Rs 314 crore in 2010-11.

image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard