New Delhi: During the quarter ending in September 2024, Jindal Stainless Ltd (JSL) recorded a 20 pc decline in consolidated net profit to Rs 609.42 crore as a result of rising input costs. In an exchange filing, the company announced that it had recorded a net profit of Rs 764.03 crore in the July-September period of the previous fiscal year 2023-24. In the quarter being studied, the company's overall revenue decreased to Rs 9,823.88 crore from Rs 9,828.97 crore in the corresponding quarter of the previous year.
In the July-September quarter, expenses rose to Rs 8,989.83 crore from Rs 8,944.04 crore in the second quarter of the previous fiscal year. The company's expenditure on materials increased to Rs 6,759.95 crore from Rs 6,024.01 crore in the previous year. The company also mentioned that its sales volume in the second quarter of FY25 was 5,64,627 metric tonnes, an increase from 5,43,618 metric tonnes. The percentage of exports decreased to 10 pc in the September quarter from 13 pc in the previous fiscal year's second quarter. Domestic market sales increased to 90 percent from 87 percent last year.
Domestic Market Growth Driven by Strong Demand in Key Sectors
JSL MD Abhyuday Jindal told journalists that the domestic market showed consistent growth in the quarter. The need was consistent for pipes and tubes, lifts and elevators, railway coaches, and other sectors. Continued growth is anticipated in both white goods and two-wheeler sectors until the end of the festive season. The export volume of Jindal Stainless in Q2FY25 remained steady compared to its levels in Q1. He mentioned that while there was growth in volumes in the US, Middle East, and South Korea, exports to the EU decreased because of reduced demand from customers and increased shipping expenses. The arrival of subsidized and dumped stainless steel in India.
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