Indian stainless steelmaker Jindal Stainless (Hisar) Limited has announced that in the third quarter ended December 31 of the financial year 2017-18 it recorded a net profit of INR 1.34 billion ($20.89 million), rising by 143 percent year on year. With the increase in raw material prices over the last few quarters, and the consequent increase in stainless steel prices, in the quarter in question Jindal Stainless’ net sales increased by 35 percent year on year to INR 24.39 billion ($380.41 million).
In the third quarter of the financial year 2017-18, stainless steel deliveries of Jindal Stainless exceeded 189,000 mt, showing an increase of eight percent compared to the same period of the previous year.
Abhyuday Jindal, vice chairman of Jindal Stainless, stated that the increased financial results of the company are enabled by its strategy focused on internal efficiencies, product diversification, market outreach, and customer satisfaction.
Meanwhile, construction, automotive, railway and transport sectors continued to be the main demand drivers of stainless steel in the given period.