Jindal Stainless revenue rises 13% yoy to Rs5,442 crore in Q2FY23

4 Nov 2022 , 09:17 AM

The Board of Directors of Jindal Stainless Limited (JSL) has announced the unaudited financial results for the quarter ended September 30, 2022. JSL’s standalone revenue, EBITDA, and PAT stood at Rs5,442 crore, Rs411 crore, and Rs189 crore respectively during Q2FY23.

The Company recorded a sales volume of 270,360 metric tonnes (MT). JSL’s net external debt reduced to Rs1,779 crore as on September 30, 2022, and its net debt-to-equity ratio improved to ~0.5, which is among the best in the metal sector. On a consolidated basis, JSL’s revenue stood at Rs5,605 crore, EBITDA at Rs358 crore, and PAT at Rs152 crore during Q2FY23.

“Globally, demand for stainless steel decelerated throughout Q2FY23. This can be attributed to subdued demand in real estate and construction sectors, high energy costs, and aggressive rate hikes by FED, among other reasons”, the company said.

Demand continued to remain steady in the automobile sector during Q2FY23, registering a growth of nearly 28% on QoQ basis. The Company supplied new stainless steel grades including 432, along with existing grades like 436L and 439 to auto majors.

In the ornamental pipe and tube (P&T) segment, average sales in Q2FY23 increased by 41% over Q1FY23. Demand was also strong in the lift and elevators segment.

Inidan Railways continued its thrust on increasing its share of business in freight. This led to a 25% jump in JSL’s sales to the railway wagon segment during Q2FY23. Going forward, Vande Bharat trainsets will remain a major focus area for Railways. It is also heartening to note that India is expected to invest INR 80,000 crore in metro projects over the next 5 years.

At around 9:17 AM, Jindal Stainless Ltd is currently trading at Rs149.85 per share up by Rs1.2 or 0.81% from its previous closing of Rs148.65 per share on the BSE.

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