Jindal Stainless Ltd (JSL) on Monday posted a 156 per cent jump in consolidated net profit at Rs 749.88 crore for the March quarter, mainly on account of higher income.
In the year-ago quarter, its net profit stood at Rs 292.61 crore, the company said in a regulatory filing.
Total income in January-March 2022 rose to Rs 6,582.84 crore, from Rs 3,926.30 crore in the same quarter of 2020-21.
Total expenses were at Rs 5,885.19 crore during the quarter under review, compared to Rs 3,564.82 crore earlier.
In a separate statement, JSL said it has maintained a strong performance on the back of adaptive strategies in supply chain and product basket management.
“Despite volatility and global disruptions in raw material supply and logistics, the company effectively doubled its exports sales proportion to 32 per cent of total sales volumes in Q4 FY22 as compared to 16 per cent Q4FY21, with a keen focus on the value-added product segments,” it said.
The ongoing Russia-Ukraine unrest adversely impacted the global supply chain and commodity prices. While on the domestic front, the Chinese and Indonesian imports of subsidized stainless steel products continued to disrupt the Indian market, the statement said.
It is estimated that imports from China and Indonesia rose by 147 per cent and 280 per cent respectively in FY22 over the corresponding period last year.
JSL’s managing director Abhyuday Jindal said, “JSL’s strategic decision to focus on export sales and strengthen its niche value added product portfolio resulted in a robust performance. This also enabled the company to steer through certain challenging segments in the domestic market that faced subsidized imports from China and Indonesia.”