Jindal Stainless Q3 net profit grows to Rs 170 cr
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Jindal Stainless Ltd on Thursday reported a consolidated net profit of Rs 170.09 crore for the quarter ended December.
During the same period last fiscal, the company had reported a consolidated net profit of Rs 51.81 crore.
The revenue of the company during the period under review was Rs 3,585 crore, up by 9 per cent on a year on year basis.
"A V-shaped recovery in stainless steel demand in the domestic markets bolstered JSL's sales volume to 250,562 tonnes in Q3FY21," the company said in a statement.
"The third quarter witnessed healthy revival in end-user segments like automotive, pipes and tubes, and industrial fabrication. Backed by R&D efforts to indigenise various grades in the automotive sector, JSL was able to capitalise on the demand growth in the two-wheeler and passenger vehicle segments," it added.
Managing Director Abhyuday Jindal said: "Buoyed by increasing demand in auto, P&T and hollowware sectors, the outlook for the domestic stainless steel market remains strong. However, the recent budget announcement for suspension of trade remedial measures will allow free flow of subsidised stainless steel products in the Indian market, which is a big setback for the domestic industry, which is already operating at 60 per cent of its capacity."
