Jindal Stainless reports Q2 profit at Rs 52 crore
Nov 12, 2019
New Delhi [India], Nov 12: Jindal Stainless Ltd (JSL) has reported a profit after tax of Rs 52 crore in the second quarter (July to September) of current fiscal year as against a loss of Rs 36 crore in Q2 FY19.
The company clocked standalone net revenue of Rs 3,170 crore compared to Rs 3,068 crore in the same period. Sales volume during the quarter stood at 2.33 lakh, increasing by 13 per cent over the corresponding period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for Q2 FY20 was recorded at Rs 317 crore. On a sequential quarter basis, EBITDA and revenue remained nearly flat with the company striving to improve product mix and optimise costs.
The net interest during the quarter ended September 30 fell by Rs 14 crore over the corresponding period last year. Exceptional gain in Q2 FY20 was recorded at Rs 7 crore as against a loss of Rs 53 crore in Q2 FY19.
“Despite moderate business sentiment, JSL was able to maintain a steady performance through consistent improvement in operational parameters and internal cost efficiencies,” said Managing Director Abhyuday Jindal.
“A weak global outlook was compounded by soaring imports from Indonesia over the last few months, adding pressure on margins. Even though the government’s decision to withdraw from Regional Comprehensive Economic Partnership (RCEP) is a welcome move, it is not adequate to keep the domestic industry at the same level as its global peers,” he said in a statement.
Jindal said JSL has sensitised the government about other imminent issues plaguing the industry, and look forward to more such steps in the future. The quarter witnessed steep volatility in alloy prices. Nickel price increased sharply whereas ferro-chrome and mild steel scrap prices fell during the quarter, neutralising the raw material fluctuation on inventory valuation.
The company said margins remained under pressure due to the challenging macroeconomic situation and surge in imports during Q2 FY20. Total import from Indonesia in Q2 FY20 stood at about 1.4 lakh tonnes, marking a 16x growth over the corresponding period last year which was over 8,000 tonnes. This adversely impacted the domestic manufacturing sector, corresponding employment generation and market prices, said JSL.
This has necessitated the immediate need for review of existing free trade agreements (FTAs), and the industry has sought government intervention with trade remedial measures to check disproportionate imports into the country at a time when all other nations have safeguarded their own turfs.
The post Jindal Stainless reports Q2 profit at Rs 52 crore appeared first on Digpu News Network.
More News
Bajura flood, landslide victims receive Rs 2.26 million in relief
Key Takeways: Affected households in Badimalika, Tribeni and Gaumul received relief Materials were provided under a western Nepal emergency response project Food, blankets, mat...
Asian Games: Nethra Kumanan wins bronze in women's dinghy to secure India's third sailing medal
Nethra Kumanan secured a bronze medal in the women's dinghy event at the Asian Games 2026. Indian sailors previously achieved multiple medals in both men's and women's skiff competitions. The Indian women's archery team also won gold against South Korea in the recurve team event. Various athletes progressed to semifinals in wrestling and cycling competitions during the games. Currently, India ranks sixth in the overall medal tally with 70 medals.
Aviation security measures under new scrutiny after in-flight attack on FlyDubai pilot
The alleged stabbing of captain by his co-pilot on a FlyDubai flight bound for Tel Aviv has exposed potential gaps in crew screening, cockpit security and emergency response protocols. Investigators from Saudi Arabia, the UAE and Israel, with assistance from the US and Oman, are examining the incident, including pilot vetting, the handling of distress calls and how the crew member was cleared to operate the Israel-bound flight.
Jason Collins lived in this Los Angeles home for more than 22 years; late NBA star’s $3.75 million property has 4 bedrooms, a pool, two double-height living rooms and mountain views, Inside the 5,000-sq-ft residence
Jason Collins' exquisite Brentwood abode is currently on the market for $3.75 million. Purchased in 2004 for $2.39 million, the luxurious property boasts spacious living areas and is nestled within a secure, guard-gated community. Offering an array of outdoor entertainment facilities, including a refreshing swimming pool and relaxing hot tub, Collins called this residence home for over twenty years, witnessing numerous significant life events.
Man couldn't get his Rs 170 back after stopping milk delivery; court orders dairy to pay nearly 15x the amount
A Delhi consumer commission has ordered Sanjeevani Dairy Farms to refund Rs 170 retained in a customer's milk delivery app wallet after he stopped the service over poor-quality milk. The commission also awarded Rs 2,500 for mental harassment, agony and litigation expenses, along with 6% annual interest on the refund. The order was passed on September 22, 2026.
Grief grips Alandi after eight students drown at Maharashtra’s Diveagar
Eight students from Winners Academy drowned while swimming at Diveagar beach during a picnic. A total of 48 people, including students and teachers, attended the outing on Thursday. The tragedy shocked the local community in Alandi, leading to a call for mourning. Last rites for the victims were conducted in Alandi, with some bodies sent to different locations. Search and rescue teams recovered the students' bodies following the incident.
Grief grips Alandi after eight students drown at Maharashtra’s Diveagar
Eight students from Winners Academy drowned while swimming at Diveagar beach during a picnic. A total of 48 people, including students and teachers, attended the outing on Thursday. The tragedy shocked the local community in Alandi, leading to a call for mourning. Last rites for the victims were conducted in Alandi, with some bodies sent to different locations. Search and rescue teams recovered the students' bodies following the incident.
A galactic Nobel? Experts float the International Space Station among contenders for the Peace Prize
The International Space Station, global humanitarian groups and international courts are among the names being discussed ahead of the 2026 Nobel Peace Prize announcement on October 9, while Donald Trump and Canada’s Mark Carney are also seen as contenders. Analysts caution that predictions are highly speculative, with the committee typically favouring durable peace efforts and international cooperation.
Back on voter list? EC orders special drive for left-out, new voters in states where SIR over
EC SIR News: The Election Commission has directed state poll officials to launch a special drive to identify and register eligible voters left out during the Special Intensive Revision (SIR) of electoral rolls. Booth Level Officers will cross-check pre-SIR and current rolls, conduct house-to-house verification and collect Form 6 applications from eligible voters, including first-time and young electors.
Trump administration sued over alleged restrictions on overseas Americans’ voting access
The Democratic National Committee has sued the Trump administration over changes to an overseas voter registration form that it says could make it harder for some US citizens who have never lived in the country to register to vote. The lawsuit argues the Pentagon improperly removed a longstanding option used by such voters, potentially affecting thousands of overseas Americans ahead of the midterms.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.