India’s Jindal Stainless Hisar Limited (JSHL) has reported a net profit of INR 2.53 billion ($30.89 million) in the second quarter (April-September) of the fiscal year 2022-23, a decline of 49 percent year on year, a company statement said on Wednesday, November 9.
The company reported total earnings of INR 39.57 billion ($483 million), up five percent year on year.
JSHL stated that the Indian stainless steel sector suffered a setback due to the export duty levied by the government in May this year. This duty came at a time when the domestic market is being dumped with substandard stainless steel imports from China and Indonesia. The industry has made several presentations to the government and is hopeful of remedial actions to support the struggling domestic players, the company statement said.