India-based Jindal Stainless Limited (JSL) has announced its financial results for the second quarter and first half of the fiscal year 2024-25 ending September 30.
The steelmaker has reported a consolidated net profit of INR 6.09 billion ($72.44 million) in the second quarter (July-September), decreasing by 5.6 percent quarter on quarter and by 20.2 percent year on year. The company’s consolidated net revenue in the given period was at INR 97.77 billion ($1.15 billion), up by 3.6 percent compared to the first quarter and down by 0.2 percent year on year. The company’s sales volume totaled 565,000 mt in the given quarter, down by 2.3 percent quarter on quarter, due to the weaker-than-expected demand recovery in export markets.
In the first half of the financial year 2024-25, the company’s consolidated net profit amounted to INR 12.55 billion ($149.28 million), down by 16.4 percent, while its consolidated net revenue came to INR 192.07 billion ($2.28 billion), down by 3.8 percent, both year on year. The company’s sales volume totaled 1.14 million mt in the first half, compared to 1.09 million mt in the same period of the last financial year.
Commenting on the performance of the company, Abhyuday Jindal, JSL’s managing director, said, “We appreciate the government’s renewed focus to use stainless steel in bridges and infrastructural applications. The domestic market has always been our focus area, and we expect volume growth to pick up going forward. We also hope for a resolution to the ongoing dumping of subsidized imports from China and Vietnam, disturbing the level playing field for Indian manufacturers.”