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Jindal Stainless reports highest domestic sales even as profit, exports dip

Jindal Stainless reports highest domestic sales even as profit, exports dip

Jindal Stainless reports highest domestic sales even as profit, exports dip
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By CNBCTV18.com Nov 3, 2022 2:59:23 PM IST (Published)

The company's overall stainless steel volume increased 5 percent from last year. On a sequential basis, volume increased 2 percent.

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Jindal Stainless Ltd. shares recovered from the day's low after the company reported its highest-ever domestic sales during the September quarter.


However, the company's net profit nearly halved year-on-year while exports declined due to the export duty imposed by the government.

Consolidated revenue rose 13 percent from last year to Rs 5,622 crores. On a sequential basis, revenue inched up 2.4 percent.

Net profit nearly halved, dropping 48 percent to Rs 189 crore.

The company's operating profit or EBITDA fell over 40 percent while margin halved to 7.5 percent from 14.7 percent last year. Operating performance was weak due to higher power & fuel and other expenses, both of which increased nearly 40 percent from last year.

The company's overall stainless steel volume increased 5 percent from last year. On a sequential basis, volume increased 2 percent.

Shares of Jindal Stainless recovered from the day's low and are now trading 1.7 percent higher at Rs 149.45.

Over the past year, Jindal Stainless shares have fallen 26.6 percent compared to an over 1 percent rise in the benchmark Sensex index.

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