New Delhi: Jindal Stainless Ltd (JSL) has reported a nearly 20% decline in consolidated net profit for the March quarter, amounting to Rs 716.29 crore. This decrease in profit can be attributed to higher expenses, as stated by JSL in a regulatory filing. In the same quarter of the previous fiscal year (FY2021-22), the company had recorded a net profit of Rs 894.93 crore. Meanwhile, JSL’s total income for the fourth quarter dropped to Rs 9,803.01 crore compared to Rs 9,752.11 crore in the corresponding period last year. On the other hand, total expenses rose to Rs 8,885.45 crore, up from Rs 8,579.12 crore.
The company’s board has approved a dividend of Rs 1.50 per equity share with a face value of Rs 2 each for the financial year ending on March 31, 2023. JSL highlighted in a statement that with the removal of export duty, it significantly increased its export sales in the fourth quarter of FY23, resulting in the highest-ever quarterly sales volume of 5,07,632 tonnes. As of 2022-23, JSL’s net debt stood at Rs 2,591 crore.
Managing Director Abhyuday Jindal commented on the company’s performance, stating, “With the completion of the merger of JSHL into JSL, capacity expansion, and diversification acquisition, the last financial year has been historic for JSL. We are constantly working on being more agile and adaptable to dynamic market conditions and customer requirements.”
In summary, Jindal Stainless Ltd (JSL) experienced a nearly 20% decline in consolidated net profit for the March quarter, primarily due to higher expenses. Despite this decline, the company achieved a record-breaking sales volume and approved a dividend for its shareholders. JSL’s managing director expressed optimism for the future, emphasizing their commitment to meeting market demands and adapting to changing customer needs.