India’s Jindal Stainless Limited (JSL) has reported a consolidated net profit of INR 7.38 billion ($90.22 million) in the first quarter (April-June) of the fiscal year 2023-24, up 45 percent year on year, according to a company statement on Thursday, July 27.
The company achieved total sales revenues of INR 81.19 billion ($922.50 million) during the quarter, a growth of 25 percent year on year.
“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 a level-playing field,” JSL managing director Abhyuday Jindal said in the statement.