Jindal Stainless Q3 profit more than doubles to Rs 134 crore
The company’s sales volume crossed 1.89 lakh tonne in Q3FY18.
By Rakhi Mazumdar, ET Bureau |
ThinkStock Photos
KOLKATA: Jindal Stainless (Hisar) Limited saw its net profit more than doubled to Rs 134 crore in October –December 2017 (Q3FY18) against Rs 55 crore in Q3FY17 on higher volumes and better realisation.
The company’s sales volume crossed 1.89 lakh tonne in Q3FY18, representing an increase of 8% over corresponding period last year. With increase in raw material prices over the last few quarters, and consequent increase in stainless steel prices, the company's total net revenue during the December quarter touched Rs 2,439 crore, registering a 35% growth over Q3FY17.
The unaudited financial results of Jindal Stainless (Hisar) Limited for the quarter October-December ’17 were taken on record by its board of directors on Monday, an official statement said.
On rise in company’s profitability, JSHL vice chairman Abhyuday Jindal said: “We have maintained our growth momentum in the current quarter. Our PAT and revenue for the first nine months of FY18 are up by 90% and 45% respectively. This was based on a strategy focused on internal efficiencies, product diversification, market outreach, and customer satisfaction. With this, JSHL’s PAT has now grown consistently at a compounded growth rate of 41% over the last seven quarters.”
The lifestyle subsidiary of JSHL, JSL Lifestyle Limited and the service centre subsidiary, Jindal Stainless Steelway Limited, also registered a y-o-y EBIDTA growth of 56% and 79% respectively, the statement added.
The company’s sales volume crossed 1.89 lakh tonne in Q3FY18, representing an increase of 8% over corresponding period last year. With increase in raw material prices over the last few quarters, and consequent increase in stainless steel prices, the company's total net revenue during the December quarter touched Rs 2,439 crore, registering a 35% growth over Q3FY17.
The unaudited financial results of Jindal Stainless (Hisar) Limited for the quarter October-December ’17 were taken on record by its board of directors on Monday, an official statement said.
On rise in company’s profitability, JSHL vice chairman Abhyuday Jindal said: “We have maintained our growth momentum in the current quarter. Our PAT and revenue for the first nine months of FY18 are up by 90% and 45% respectively. This was based on a strategy focused on internal efficiencies, product diversification, market outreach, and customer satisfaction. With this, JSHL’s PAT has now grown consistently at a compounded growth rate of 41% over the last seven quarters.”
The lifestyle subsidiary of JSHL, JSL Lifestyle Limited and the service centre subsidiary, Jindal Stainless Steelway Limited, also registered a y-o-y EBIDTA growth of 56% and 79% respectively, the statement added.
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