Jindal Stainless Limited (JSL) announced the unaudited financial results for the quarter ended 30 June, 2022.
The first quarter of FY23 has been a challenging one due to ongoing geopolitical tension and highly volatile macro-economic situation which has also put pressure on the metal prices throughout the quarter.
Financial performance in Q1FY23
- Consolidated revenue stood at INR 5,474 crores, up by 36% y-o-y as against Q1FY22.
- Profit after tax (PAT) was at INR 329 crores, up by 8% y-o-y.
- Standalone revenue stood at INR 5,336 crores, up by 39% y-o-y.
- EBITDA was at INR 523 crores, down by 10% y-o-y
- PAT (standalone) was recorded at INR 287 crores, up by 6% y-o-y.
- The company recorded sales of 235,530 tonnes (t), down 1% as against 237,852 t in Q1FY22.
- Total consolidated net revenue stood at INR 5,474 crores, registering a rise of 36% y-o-y as against INR 4,033 crores in Q1FY22.
Domestic-export share of sales volumes in Q1FY23-
The government of India imposed a 15% duty on steel and stainless steel exports in Q1FY23. This impacted 70-80% of JSL’s export product portfolio.
Commenting on the company’s performance, Abhyuday Jindal, JSL Managing Director said, “JSL’s focused approach on niche product development and an agile product mix helped the company steer through an unprecedented and unsteady macro-economic challenges. On the domestic front, continued dumping of stainless steel imports from China and Indonesia led to unfair competition, while simultaneously exports were severely impacted due to a 15% duty imposition by the Indian government. Despite these challenges, JSL successfully catered to an uplifted demand from key sectors like automotives and railways. Going forward, we are committed to developing a failsafe stainless steel ecosystem in the country by focusing on awareness, skill development, new product development, and identification of sustainable applications for stainless steel.”
Upcoming project
Stainless steel supply for India’s first Regional Rapid Transit System (RRTS): JSL is
supplying 2,000 metric tonnes of stainless steel to Alstom, a global leader in the transportation sector, for developing technologically advanced and state-of-the-art trainsets for India’s first Regional Rapid Transit System (RRTS).
The company will supply its world-class 301LN stainless steel grade in 2J finish for developing 210 trainsets. As India’s first semi high-speed regional trainsets, the RRTS trainsets will function at a speed of 180 km/hour and will reduce commute time between Delhi and Meerut by 40%.
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