Jindal Stainless reports Q1 profit of Rs 67 crore

first_imgNew Delhi: Jindal Stainless Limited (JSL) on Monday announced financial results for its first quarter ended June 30, 2019. On a year-on-year(YoY) basis, the company recorded PAT and EBITDA for Q1FY20 at Rs 67 crore and Rs 314 crore respectively, slowing down by 26 per cent and 16 per cent respectively over Q1FY19. Net revenue at Rs 3,067 crore remained nearly flat compared to corresponding period last year. Total sales volume during the first quarter of the current fiscal year stood at 222,119 tonnes. On a sequential quarter basis, Q1FY20 PAT registered a two-fold growth compared to Q4FY19. EBIDTA for Q1FY20 rose by 4 per cent over Q4FY19. The quarter also witnessed an exceptional gain of Rs 24 crore primarily on account of forex movement. Q1FY20 melt production was recorded at 245,416 tonnes, an increase of 9 per cent over Q4FY19. The consistency in financial performance was achieved despite weak growth in certain macro-economic segments. Also Read – Thermal coal import may surpass 200 MT this fiscalCommenting on the performance of the quarter, JSL Managing Director Abhyuday Jindal, said, “Our performance in the first quarter indicates our strong financial position. The outlook for the business remains positive with the outlay of significant investments by the government in the union budget for Railways and infrastructure. However, we continue to face a challenge from high levels of imports, particularly from FTA countries like Indonesia and Vietnam. In the wake of these emerging business challenges, we have carried out an internal restructuring to sharpen our key focus areas. We have created a centralised team to serve as a knowledge bank, carve out new stainless steel applications through conversion from other materials, and develop new markets.”last_img read more