Jindal Stainless clocks 45% y-o-y growth in Q1FY24 net profit; stock hits fresh high

27 Jul 2023 , 11:51 AM

Jindal Stainless Limited reported a consolidated profit after tax (PAT) of Rs 738 crore in the first quarter of the current fiscal year, reporting a 45% year-on-year increase due to domestic market growth.

Furthermore, the company reported a 25% year-on-year increase in net sales from Rs 8,119 crore in the same time last fiscal year to Rs 10,184 crore in the current fiscal year.

Despite the global sales downturn and market instability, the company’s standalone sales volume for the quarter was 548,613 metric tonnes (MT), up 54% y-o-y.

The company linked this increase in sales to the domestic market’s solid growth and the government’s infrastructure drive. Sales volume increased across all segments. The company posted a 17% increase in exports to the United States and Europe.

JSL recently also finalized its acquisition of Jindal United Steel Limited (JUSL) by acquiring the remaining 74% equity ownership for Rs 958 crore in cash.

Following the announcement of satisfactory numbers for the June quarter, the company’s counter jumped to a new 52-week high of Rs 386.90.

At around 11.48 AM, Jindal Stainless was trading 1.82% higher at Rs 383.15, against the previous close of Rs 376.30 on NSE.

For feedback and suggestions, write to us at [e-mail]