Jindal Stainless reports `27cr net profit in Q2
MARKING a turnaround in its operations, Jindal Stainless (JSL), a part of the Rattan Jindal managed Jindal Stainless Group, on Tuesday recorded a net profit of Rs 27 crore for the July-September quarter on the back of higher sales and recovery in metal prices.
The company had reported a net loss of Rs 65 crore in second quarter of FY17, but has arrested a fall thereafter, reporting a profit in all the four subsequent quarters.
Apart from JSL, JIndal Stainless (Hisar) (JSHL) is the other group company to witness a turnaround and report profits for the last four quarters.
For the second quarter of this financial year, JSL posted a 36 per cent growth (YoY) in revenue to Rs 2,608 crore while also reporting a 10 per cent increase in Ebitda to Rs 256 crore. The robust growth in JSL’s financial results was backed by a 20 per cent jump in sales volume.
The company sold 202,447 tonnes of stainless steel in Q2 FY18 against 168,548 tonnes in the yearago period. Exports constituted about 25 per cent of the total sales.