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| JSL Q1 net up 3% to Rs 98 cr on demand, sales |
| Press Trust of India / New Delhi Jul 23, 2010, 19:07 IST |
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India's largest stainless steel producer JSL Ltd today posted an increase of 3.48 per cent in its first quarter profit at Rs 98.06 crore on account of improvement in demand and sales of its products.
"In the current quarter the company's operational performance improved due to higher production, improved realization, lower costs and changes in the product mix.
"The stainless steel demand continues to grow both in domestic and in the Asian markets," JSL Director Finance Arvind Parakh said in a statement.
The company had posted a net profit of Rs 94.76 crore in the first quarter of the last fiscal.
JSL Ltd, formerly known as Jindal Stainless, clocked a total income of Rs 1,627.45 crore in the reporting period as against Rs 1,346.49 crore.
Going forward, the company said that volatility in prices of raw material like nickel would pose a challenge even as it sees demand to remain "robust."
"While the domestic demand continues to remain robust, the demand in Asia, is showing signs of improvement. The outlook for the forthcoming quarter remains challenging, largely on account of volatility in the raw material prices.
"The company is confident of achieving higher production and sales in the current year. The domestic demand continues to grow from sectors like railways, metro coaches, infrastructure, up-grade of airports and railway stations, white goods, automobiles and power plants," he said.
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