Jindal Stainless’ net profit is up by 71%
According to the recent market news, Jindal Stainless Steel has recorded a 71% increase for its net profit for the recently ended second quarter, against the corresponding period in the previous fiscal. In the second quarter, which ended on September, 30 the total sales of the company amount to Rupees 5.81 billion ($128 million) and the net profit is recorded as Rupees 384 million ($8.5 million). These figures were recorded as Rupees 4.84 billion ($107 million) and Rupees 224 million ($4.9 million) in the second quarter of the previous fiscal, respectively. Furthermore, Jindal Stainless Steel has reported total exports of $94 million in the first two quarters of fiscal year 2004 and expects this rate to reach up to $200 million by the end of current fiscal. The exports of the company recorded in the whole of fiscal year 2003 were $133 million. China constitutes 80% of the exports, South-East Asia 10-12% and Italy and US 7-8%.