JSHL Q4 net grows over three-folds to Rs 350 crore on increased income

Jindal Stainless Hisar Ltd (JSHL) on Tuesday reported an over three-fold jump in its consolidated net profit at Rs 350.65 crore for the quarter ended March 31, mainly on account of increased income.

Jindal Stainless Hisar Ltd (JSHL) on Tuesday reported an over three-fold jump in its consolidated net profit at Rs 350.65 crore for the quarter ended March 31, 2021, mainly on account of increased income.

The company's net profit stood at Rs 108.35 crore in January-March 2019-20, JSHL said in a BSE filing.

JSHL's total income during the quarter under review rose to Rs 3,128.20 crore from Rs 2,297.94 crore in the year-ago period.

During March 2021, total expenses were at Rs 2,812.81 crore against Rs 2,210.61 crore a year ago.

In a separate statement, JSHL Managing Director Abhyuday Jindal said, "Demand recovery, coupled with strong operational performance and consistent deleveraging of the balance sheet led to a good Q4 (numbers)."

In the post-pandemic period, JSHL looks forward to increased government procurement as one of the key growth drivers. Along with the focus on business growth, the priority has been to support health infrastructure in the country to tide over this pandemic, he said.

JSHL further said that improved business sentiments, along with sustained growth in the domestic economic activity, triggered stainless steel demand from segments like auto, railways, and wagon, along with metro rail.

The global stainless steel production stood at 50.90 million tonne (MT) in calender year (CY) 2020, down by 2.5 per cent over 2019, it said.

In India also, the production of stainless steel decelerated by 19 per cent to 3.17 MT over 2019.