Jindal Stainless announced standalone profit at INR 666 cr for Q1 FY24

New Delhi: Jindal Stainless, India's largest stainless steel manufacturer, today on July 26 announced its financial results for the first quarter of Financial Year 2024.

The Board of Directors of Jindal Stainless Limited (JSL) today announced the Q1FY24 financial results. The company’s standalone sales volume for the quarter stood at 548,613 metric tonnes (MT), up 54% year-on-year (YoY), buoyed by macroeconomic factors, notwithstanding the global slump in sales and market volatility. 

The company’s Q1FY24 standalone net revenue was recorded at INR 10,027 crore, an increase of 25% YoY. Standalone EBITDA stood at INR 1,118 crore while standalone profit after tax (PAT) was at INR 666 crore.

Net debt for the quarter was recorded at INR 2,956 crore and the net debt-to-equity ratio was maintained at ~0.2. Consolidated net revenue grew by 25% YoY to reach INR 10,184 crore. Meanwhile, consolidated EBITDA and PAT were recorded at INR 1,192 crore and INR 738 crore, respectively.

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Backed by a healthy growth in the domestic market and government push on infrastructure, sales volume grew across diverse segments. Pre-festive season demand picked up in consumer segments, contributing to the sales volume.

Coupled with an agile supply chain and a diverse product portfolio, the company was able to capitalize on the developing market situation throughout the quarter.

In Q1FY24, the overall JSL exports grew by 17% on a YoY basis. JSL continued to focus on servicing markets like the USA and Europe. In line with its strategy to restore its export volumes prior to the levy of export duty in Q1FY23, the company continued to develop new products and markets for exports.

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Commenting on the performance of the Company, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “We have recently expanded our capacity, hence, the attention will be on stabilizing and synergizing the expanded units.

We will continue to maintain a sharp focus on the domestic market and capitalize exports, wherever possible. However, since the Indian stainless steel industry is operating well below its capacity, it needs government support for level-playing field.

The industry is still awaiting a positive decision by the government on imposing a countervailing duty (CVD) to curb dumping of mass and subsidized stainless steel in India by China.”

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