Jindal Stainless posts over 3-fold jump in Q3 net

KOLKATA: Domestic stainless steel producer, Jindal Stainless Limited (JSL), reported a net profit of Rs 135 crore, registering an more than three-fold jump over a net profit Rs 40 crore in Q3FY17, driven by higher volumes and a better product mix. Net revenue for Q3FY18 grew by 43 per cent, up to Rs 2,989 from Rs 2,093 in same period last year led by improved sales.

JSL said it posted its highest ever melt production at 223,704 tonne for the quarter ended December 31, 2017. JSL sales volumes were up by 14 per cent to 558,781 tonne in the nine month period ended December 31, 2017 over corresponding period last year. In particular, segments like automotive, railways and construction contributed to the growth in its income.

JSL vice-chairman Abhyuday Jindal said: “In this financial year, during the nine month period, our operational performance has touched a new high. JSL has consecutively generated better top-line growth throughout the current financial year. We remain upbeat on high prospects of stainless steel demand in India arising from robust economic growth. We are already moving in the direction of import substitution though indigenous production.”