Jindal Poly declines after weak Q3 performance

Jindal Poly Films slipped 1.92% to Rs 606.90 after the company reported a consolidated net loss of Rs 19.43 crore in Q3 FY24 as against a net loss of Rs 96.66 crore in Q3 FY23.

Revenue from operations rose by 11% YoY to Rs 983.76 crore in the third quarter.

On the segmental front, revenue from Packaging films was Rs 787.54 (up 20% YoY), Nonwoven fabrics revenue was Rs 140.44 crore (up 5% YoY) and Other revenue added up to Rs 66.74 crore (down 31% YoY).

Total expenses increased by 6% to Rs 1,159.19 crore in Q3 FY24 over Q3 FY23, due to higher raw material costs (up 8% YoY), higher employee expenses (up 90% YoY) and higher other expenses (up 10% YoY).

Accordingly, the company posted a pre-tax loss of Rs 46.38 crore in Q3 FY24 as against a net loss of Rs 129.22 crore in Q3 FY23.

Jindal Poly Films, part of the B.C. Jindal group, is involved in diverse businesses that include polyester & polypropylene films, power generation, cold rolled steel strips, galvanized sheets, etc.

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