India’s Jindal Stainless Limited (JSL) has reported a consolidated net profit of INR 3.14 billion ($38.57 million) in third quarter (October-December) of the fiscal year 2022-23, a decline of 28 percent over the corresponding quarter of the previous fiscal year, according to a company statement on Tuesday, January 24.
Total revenues of the company were reported at INR 63.50 billion ($780 million) during the quarter, up 12 percent year on year.
According to the company, the fall in net profit was due to the fall in exports which had contributed 26 percent of total sales revenues in the third quarter of the fiscal year 2021-22, but was down to five percent in the fiscal year 2022-23 following the government imposition of an export tax on steel products.