Israel conflict not to impact exports, says Jindal Stainless

livemint.com:

NEW DELHI : Jindal Stainless Ltd does not see the Israel-Hamas conflict impacting its exports to Europe, US, and other geographies much and says that global demand is set to improve from the fourth quarter of the current fiscal. The company, which exports about 20% of its total produce to Europe and America, also expects the domestic demand for stainless steel to remain robust despite the elections. For this, the company is working on expansion plans to meet the rising demand, Abhyuday Jindal, managing director of JSL, said in an interview.

“I don’t think that should impact because it’s not like the Russia-Ukraine war, which is very close to Europe. So, I don’t see too much impact because of this," Jindal said. Exports to Europe and US were impacted due to the Russia-Ukraine war that slowed growth in the European market, which was expected to pick up after the pandemic.

Domestic sales continue to stay robust for the company. “Our domestic sales are up by 15% YoY, buoyed by the government’s push for stainless steel in strategic sectors...and don’t expect any dip due to the elections because all our major sectors are clear focus sectors for the government, and we see very good demand coming from there. And so, from Q4 again, we feel that exports should pick up," he said after their second quarter results were announced on Thursday.

JSL on Thursday announced its second quarter results for the current fiscal, and reported a 120% YoY rise in its consolidated profit after tax (PAT) to ₹764 crore. It reported a 12% YoY increase in consolidated net revenue at ₹9,797 crore in July-September from ₹8,751 crore in the same quarter last fiscal. The stainless steel manufacturer’s earnings before interest, tax, depreciation, and