India’s Jindal Stainless Limited (JSL) achieved a consolidated net profit of INR 6.54 billion ($75.79 million) in the third quarter (October-December) of the fiscal year 2024-25, a decline of 5.4 percent year on year, according to a company statement on Thursday, January 30.
The company reported a total consolidated revenue of INR 99.07 billion ($1.15 billion) during the quarter, a rise of 8.5 percent over the corresponding quarter of the previous fiscal year.
Abhyuday Jindal, managing director of JSL, said that the export market had not performed in line with expectations.
However, the company’s sales volume grew to 512,015 mt in the third quarter, a rise of 15 percent year on year and this was attributed to a 20 percent rise in domestic sales, while exports fell 22 percent, he said.
He said that the US and European markets had significantly slowed down even as the requirements of long-standing customers were met.
The company is also exporting to South America, South Korea and the Middle East, but there was no significant growth as China was also pushing material in these markets, he added.