Jindal Stainless second quarter net profit grows 5-fold to Rs 412 cr

Jindal Stainless Limited (JSL) on Tuesday posted a five-fold jump in consolidated net profit at Rs 411.62 crore for the September quarter, mainly on account of higher income.

The company had clocked a net profit of Rs 80.64 crore during the July-September period of the 2020-21 financial year, JSL said in a regulatory filing.

During the quarter under review, the company's total income rose to Rs 5,041.26 crore from Rs 3,324.15 crore a year ago.

Total expenses were at Rs 4,453.86 crore as against Rs 3,200.43 crore earlier.

In a statement, the company's Managing Director Abhyuday Jindal said, "JSL has delivered robust performance which underlines our solid business fundamentals. Despite facing uncertainty and unprecedented challenges in logistics, we've been able to service our customers in India and abroad."

He added the domestic stainless steel market is facing issue of high imports from China and Indonesia. The industry is looking forward to the government's timely action to encourage domestic manufacturing.

According to the company statement, demand from all major end-use segments like process industry, pipe and tube, railways and wagons, and metro rail grew during the quarter.

JSL is the country's largest stainless steel manufacturer. Its plant in Jajpur, Odisha has an annual capacity of 1.1 million tonnes.