Jindal Stainless Q1 profit declines 57 pc to Rs 48 cr

Jindal Stainless Ltd on Monday posted 56.9 per cent decline in consolidated profit at Rs 47.62 crore for the quarter ended June 30, 2019.

The company had posted a consolidated profit of Rs 110.63 crore in the year-ago period, Jindal Stainless said in a filing to the BSE.

The consolidated income of the company in the April-June quarter dropped to Rs 3,272.84 crore from Rs 3,370.83 crore in the year-ago period, the filing said.

"Our performance in the first quarter indicates our strong financial position. The outlook for the business remains positive with the outlay of significant investments by the government in the union budget for railways and infrastructure," Managing Director Abhyuday Jindal said.

"However, we continue to face a challenge from high levels of imports, particularly from FTA countries like Indonesia and Vietnam. In the wake of these emerging business challenges, we have carried out an internal restructuring to sharpen our key focus areas," he said.

The company has created a centralised team to serve as a knowledge bank, carve out new stainless steel applications through conversion from other materials, and develop new markets, Jindal said.