Jindal Stainless Q1 net up 45% at ₹738 crore

livemint.com:

₹738 crore during the first quarter of the current financial year, a 45% year-on-year (YoY) rise on the back of growth in the domestic market. The company further reported 25% YoY growth in net revenue from ₹8,119 crore in the same period last fiscal year to ₹10,184 crore in the current fiscal year. The company’s standalone sales volume for the quarter stood at 548,613 metric tonnes (MT), up 54% YoY, buoyed by macroeconomic factors, notwithstanding the global slump in sales and market volatility.

The company attributed this growth in sales to the healthy growth in the domestic market and the government push on infrastructure. Sales volume grew across diverse segments. Commenting on the performance of the company, Managing Director 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 a level-playing field." Focusing on the international market, the company reported a growth of 17% in its exports to the US and Europe. “The company is currently targeting the Middle East, as they see good growth coming from there.

South America (including Mexico) is an open market, and South Korea seems a good region as the pickup in volumes has been observed there," Jindal added. He said the import of subsidized stainless steel mainly from China along with a lack of countervailing duty (CVD) on them continued to be a menace for the domestic industry. As much as one-third of the Indian stainless steel market is captured by