As per the regulatory filing, the Board of Directors of Jindal Stainless Limited (JSL) on Wednesday announced the Q1FY24 financial results.
The company’s standalone sales volume for the quarter stood at 548,613 metric tonnes (MT), up 54 percent year-on-year (YoY), buoyed by macro-economic factors, notwithstanding the global slump in sales and market volatility. The company’s Q1FY24 standalone net revenue was recorded at ₹10,027 crore, an increase of 25 percent YoY.
Standalone EBITDA stood at ₹118 crore while standalone profit after tax (PAT) was at ₹666 crore. Net debt for the quarter was recorded at ₹2,956 crore and the net debt-to-equity ratio was maintained at approx 0.2.
Consolidated net revenue grew by 25 percent YoY to reach ₹10,184 crore. Meanwhile, consolidated EBITDA and PAT were recorded at ₹1,192 crore and ₹738 crore, respectively.
In Q1FY24, the overall JSL exports grew by 17 percent on a YoY basis. JSL continued to focus on servicing markets like the USA and Europe. In line with its strategy to restore its export volumes prior to the levy of export duty in Q1FY23, the company continued to develop new products and markets for exports.
Import of subsidized stainless steel continued to be a menace for the domestic industry. As much as one-third of the Indian stainless steel market is captured by imports. This has severely affected particularly the MSME sector, which constitutes nearly 45 percent of India’s stainless steel manufacturing capacity, with most of them still operating at 40 percent capacity.
“We have recently expanded our capacity, hence, the attention will be on stabilizing and synergizing the expanded units. We will continue to maintain a sharp focus on the domestic market and capitalize exports, wherever possible. However, since the Indian stainless steel industry is operating well below its capacity, it needs government support for level-playing field. The industry is still awaiting a positive decision by the government on imposing a countervailing duty (CVD) to curb dumping of mass and subsidized stainless steel in India by China,” said Abhyuday Jinda, Managing Director, Jindal Stainless.
Jindal Stainless Shares
The shares of Jindal Stainless on Wednesday at 3:30 pm IST were at ₹378.25, up by 1.64 percent.