Jindal Stainless net down 23%

NEW DELHI: Jindal Stainless has registered a 23.16% drop in its net profit for the quarter ended June . Net profit decreased from Rs 66.10 crore during Q1 of last year to Rs 50.79 crore. Net sales also decreased from Rs 858.92 crore to Rs 854.87 crore.

The drop has been attributed to higher interest due to provision of Rs 12.28 crore for revaluation of outstanding foreign currency loans, which is temporary in nature.

The High Court of Punjab & Haryana, Chandigarh, has approved the scheme of arrangement among Jindal Stainless, Austenitic Creations and Jindal Architecture for hiving off its Life Style Product Division and Architecture Division.