Jindal Stainless (Hisar) PAT increases 91% yoy to Rs515cr in Q3

10 Feb 2022 , 09:17 AM

Jindal Stainless (Hisar) Limited (JSHL) for Q3FY22 were taken on record by its Board of Directors on Wednesday. Leveraging its competitive edge in manufacturing value added stainless steel, JSHL increased sales of Specialty Products Division (SPD) by 32% on yoy basis.

On a consolidated basis, JSHL registered a revenue of Rs4,173cr, EBITDA of Rs569cr, and PAT of Rs515cr respectively. A dynamic product mix, augmented proportion of exports, and increased share of specialty products led to improved profitability for the Company. JSHL recorded highest ever quarterly sales in the Blade Steel and Precision Strip segments during Q3FY22.

Company’s standalone revenue, EBITDA and PAT grew by 35%, 48% and 79% respectively. Additionally, collaboration with international mints also fetched JSHL new contracts for coin blanks. Net external debt stood at 1,595cr as on December 31, 2021.

The service centre arm of JSHL, Jindal Stainless Steelway Limited (JSSL), recorded a 5% yoy growth in net revenue, from Rs682cr to Rs716cr, and a 32% yoy growth in EBITDA, from Rs32cr to Rs43cr.

JSL Lifestyle Ltd., the lifestyle subsidiary of JSHL, registered a 47% growth in revenue and 40% growth in EBITDA as compared to Q3FY21, reaching Rs114cr and Rs13cr respectively.

The subsidiary witnessed a demand revival from the railways segment, while maintaining its focus on the OEM and homeware segments.

Domestic industry is confronted with surging imports from China and Indonesia that witnessed an exponential jump, increasing by 230% and 310% respectively, on a year-to-date basis in 2021-22 as compared to monthly average in FY 2020-21.

Commenting on the performance of the Company, Managing Director, JSHL, Abhyuday Jindal, said, “JSHL’s positive performance is backed by its operational excellence. Our specialty products have been the mainstay of our value added offering. Clubbed with proactive exports and agile product mix, we have been able to drive good growth despite dominance of China and Indonesia in Indian and international markets.“

“We hope to increase the pie of stainless steel in the overall ecosystem through our market development efforts and awareness activities,” Chairman added

At around 9:17 AM, Jindal Stainless (Hisar) was trading at Rs414.85 per piece lower by 0.53% on the BSE.