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Mumbai: Jindal Stainless (Hisar) Limited (JSHL) reported a sharp jump in profits for the March quarter aided by better commodity prices, new product development and capacity building for its value-added product portfolio.

The company reported a 64% year-on-year growth in consolidated profit to Rs 575 crore. The consolidated revenue grew by 39% to Rs 4,318 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 49% to Rs 605 crore.

During the quarter, JSHL’s specialty products division (SPD) achieved its highest-ever sales of blade steel and precision strips, the company said. SPD’s total sales increased by 32% in FY22 over FY21.

The stock of JSHL closed 0.63% lower at Rs 339.5 on the BSE on Thursday. Benchmark Sensex was flat.

The shareholders of Jindal Stainless (JSL) and JSHL has last month approved a merger between the two companies. The companies expect to complete the required regulatory processes over the next 6-7 months, as per a press statement.

The company said that during the quarter it faced increased competition from imported Chinese and Indonesian stainless steel which led to reduced prices. Imports from China and Indonesia were estimated to have risen by 147% and 280% respectively in FY22 over the previous year, the company said.

JSHL increased its export business during the quarter to offset the impact in the domestic market. Its exports more than doubled year-on-year during the March quarter.

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