JSL posts consolidated net profit of Rs Rs 293 cr in March quarter

Jindal Stainless Ltd (JSL) on Friday reported a consolidated net profit of Rs 292.61 crore for the fourth quarter ended March 2021.

The company had registered a net loss of Rs 66.20 crore in the year-ago period, JSL said in a BSE filing.

During the January-March quarter, the company's total income rose to Rs 3,926.30 crore from Rs 3,107.34 crore a year ago.

Its total expenses during the quarter stood at Rs 3,564.82 crore as against Rs 3,124.13 crore in the same period previous fiscal.

"Our agile business strategy throughout the year, despite the pandemic-induced challenges, has helped JSL deliver a strong performance. A steady demand in the domestic market across segments during the fourth quarter has helped growth in sales volume and revenue," JSL MD Abhyuday Jindal said in a statement.

Indian industries have proved in this hour of need, that domestic manufacturing not only helps generate employment but can also support the country with oxygen and health infrastructure, he added.

JSL said the fourth quarter was buoyed by segments like auto, and a healthy revival in demand from the pipe and tube segment, along with Railways and allied infrastructure, including the metro segment.

The company maintained its focus on meeting domestic demand, which led to an increase in the overall proportion of domestic sales.

JSL also said that the suspension of countervailing duty (CVD) announced in the Union Budget is affecting the domestic industry.

"It has opened the Indian economy to dumped and subsidised imports from China and Chinese investments in Indonesia. This is likely to adversely impact domestic manufacturing, especially the MSME sectors, pushing it into trading in place of manufacturing," the company said.

In the Budget for 2021-22, the government temporarily revoked the CVD on imports of certain hot rolled and cold rolled stainless steel flat products, originating in or exported from China.

It also revoked provisional CVD on imports of flat products of stainless steel, originating in or exported from Indonesia.

JSL also said over 40 metric tonne of liquid medical oxygen (LMO) is being dispatched daily from the company's Jajpur facility to meet the increasing demand of LMO in Odisha, Andhra Pradesh, and other states.

The company is also airlifting LMO from its Jajpur facility for dissemination in Hisar.