New Delhi, Oct 21: On the back of robust domestic demand and strong volume growth, Jindal StainlessLimited (JSL) on Thursday reported 74% year-on-year jump in standalone profit after tax (PAT) at Rs 609 crore for July-September quarter (Q2) of financial year 2023-24.
The company’s standalone sales volume for the second quarter of FY24 stood at 543,619 metric tonnes (MT), up by nearly 26% year-on-year (YoY).
Net revenue of the company grew 14% year-on-year during the September quarter to Rs 9,720 crore.
JSL said that its net debt for the quarter was recorded at Rs 2,149 crore and the net debt-to-equity ratio was maintained at 0.2 which is one of the best in the metal segment.
The JSL Board approved payment of interim dividend of Re 1 per equity share (face value of Rs 2 each) for FY24.
“The record date for determining the entitlement of members for the purpose of payment has been set as October 28, 2023. The dividend shall be paid on or before November 17, 2023, i.e. within 30 days of the approval. The aggregate payout will be nearly Rs 82.34 crore,” JSL said in a press release.
The steel maker said that domestic demand for stainless steel continued to rise. It further said that ahead of the upcoming festive season, the company’s sales in the auto segment – besides other consumer-facing segments – witnessed an uptick.
Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “Our domestic sales are up by 15% YoY, buoyed by the government’s push for stainless steel in strategic sectors. As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years.”
Jindal expressed concern over rising steel imports from China terming it as unchecked dumping of the key metal in the Indian market.
“Chinese imports have increased by nearly 55% YoY. This highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market. We hope the government will take notice of the continuous and rampant imports by China, which is hurting the sector, especially the MSMEs, as well the government’s vision of an Atmanirbhar Bharat,” he said.
