Jindal Stainless Ltd today said its standalone net profit more than doubled to Rs 90.85 crore during the quarter ended June 30, mainly driven by higher sales volume.
The company had clocked a standalone net profit of Rs 41.50 crore in the same period a year ago.
Its total income increased to Rs 3,152.53 crore in the first quarter of this fiscal from Rs 2,203.86 crore in the corresponding period of the previous fiscal, JSL said in a BSE filing.
In a separate statement, the country's largest stainless steel maker said: "The growth stemmed from expansion in stainless steel flat product market, mainly driven by infrastructure spending, railway modernisation, and auto segment, among others. A buoyant market for stainless steel led to higher sales volumes growth of 51 per cent".
JSL MD Abhyuday Jindal said, the company's plant at Jajpur, Odisha, is one of the most modern stainless steel plants in the world with state-of-the-art facilities.
"We...target to increase our capacity from 0.8 MTPA to 1.1 MTPA in near future through debottlenecking and process balancing with a minimum cash outlay," he was quoted in the statement.
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