Jindal Stainless (Hisar) Q1 Net at Rs 49.43 cr

Jindal Stainless (Hisar) Ltd (JSHL) today reported a standalone net profit of Rs 49.43 crore for the quarter ended June 30, 2016.
Total income of the stainless steel maker, on a standalone basis, stood at Rs 1,497.09 crore during the April-June quarter this fiscal, it said in a BSE filing.
Its total expenses were Rs 1,325.15 crore during the same period.
The firm said de-merger (Composite Scheme of Arrangement) amongst Jindal Stainless Ltd (JSL), JSHL, Jindal United Steel Ltd (JUSL) and Jindal Coke Ltd (JCL) became operative from the close of business hours before midnight of March 31, 2014 and accordingly the same was given effect to in financial statements (Post Scheme) for the year ended March 32, 2015.

"In view of above, comparative figures (or the quarter ending June 30, 2015 are not available and hence not given," it added.
However compared to the January-March quarter of 2015-16, its total income rose marginally from Rs 1,487 crore, while net profit grew by four-fold from Rs 12 crore.

The results of the June 2016-17 quarter are as per the Indian Accounting Standards (Ind AS), while those of the March 2015-16 quarter are on GAAP basis.
The firm clocked stainless steel sales of 1.49 lakh tonnes (LT) and production of 1.62 LT during the June quarter of 2016-17.
Improvement in the performance of the company is mainly on account of various steps such as more focus on value added products -- cold rolled products, blade steel, development & commercial production of defence and energy sector related product, it said.

On outlook, it said despite surging imports into Indian markets, especially from China, domestic growth momentum is expected to be steady which will reinforce the stainless steel demand.
"While the green shoots are visible at home in comparison to the rest of the world, suitable trade remedial measures by the government is the need of the hour to curb persistent dumping from China," it added.