 "Jindal Stainless (Hisar) scales 52-week high on robust Q4 show")
Shares of Jindal Stainless (Hisar) Ltd (JSHL) jumped nearly 7 per cent to hit a 52-week high of Rs 192.95 on the BSE in Wednesday's intra-day trade following a strong performance in the March quarter.
The company 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, as against Rs 108.35 crore posted in the same quarter last fiscal.
Its 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. For Q4FY21, JSHL reported consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 406 crore, up 123 per cent year-on-year (YoY) while the EBITDA margins expanded by 500 bps to 13.1 per cent.
JSHL Managing Director Abhyuday Jindal attributed demand recovery, strong operational performance and consistent deleveraging of the balance sheet behind good results during the quarter under review.
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 shares of JSHL have been on a tear off late amid a surge in steel prices on the back of surging commodity demand globally, lower inventory levels and strong economic recovery in the US. In the financial year 2021-22 (FY22) alone, the stock has risen 44 per cent as of Tuesday's close. Meanwhile, the BSE barometer Sensex has added 1.3 per cent during the same period.
At 10.27 am, the scrip had wiped off most gains and was ruling 1.35 per cent higher at Rs 183.35 as against a fall of 0.16 per cent in the benchmark Sensex.
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