India’s Jindal Stainless Limited (JSL) has reported a consolidated net profit of INR 7,640.30 million ($91.72 million) in the second quarter (July-September) of the fiscal year 2023-24, more than double the INR 3,470.20 million ($41.65 million) recorded in the corresponding quarter of the previous fiscal year, according to a company regulatory filing on Friday, October 20.
The company reported a total income of INR 98,289.70 million ($1,179 million) during the quarter, up 12 percent over the corresponding quarter of the previous fiscal year.
In a separate statement, JSL, the country’s largest stainless steel producer said that it is planning to wind up its cold rolling mill in Indonesia as sales from the facility have become unviable following dumping from China.
“There is severe dumping from China into Indonesia and the country’s domestic market is unviable for us. All the avenues are open right now as we are looking at either liquidating, exiting, or selling off the facility,” JSL managing director Abhyuday Jindal said.