Jindal Stainless has healthy order book, says Abhyuday Jindal

9 Mar 2022 , 09:58 AM

Abhyuday Jindal, Managing Director of Indian steelmaker Jindal Stainless Limited, has issued a statement on the impact of Russia-Ukraine war on business. The Company has a healthy order book and the focus remains on exports, he said.

The company stock was trading higher on Wednesday morning and at around 10.02 am, Jindal Stainless Ltd was trading at Rs189.75 per piece up by Rs1.95 or 1.04% from its previous closing of Rs187.80 per piece on the BSE.

“Among other uncertainties that the world is currently facing, we are witnessing never-seen before spikes in prices of Nickel. As a proactive step to address volatility and contain risk, we continue to follow a prudent risk management policy to sync our sales order and raw material booking on a real time basis through increased coordination between our supply chain stakeholders,” Jindal said.

He added, “As of now, the Company has a healthy order book. We are also maintaining our focus on exports as we’ve done in the last few quarters. Besides, majority of the Company’s orders come from long term quantity contracts with our customers. We have a diversified mix of portfolio between high nickel as well as low or no nickel product range. Our production lines are capable of churning out flexible product mix in line with the market demand and raw material availability.”

The MD of Jindal Stainless revealed that their dependency on Russia for raw material sourcing is relatively very less.

“The whole situation is an evolving one and we’re closely monitoring it with our robust risk management practices. Russia commands about 6-8% of the refined Nickel production of the world. Our dependence on Russia for raw material sourcing is relatively very less since we source majority of our nickel from Scrap and NPI. These are majorly sourced from within India, from far-east countries such as Indonesia, and some quantities from Europe.”