New Delhi: Jindal Stainless Ltd (JSL) has reported a 20.23% year-on-year decline in consolidated net profit, totaling Rs 609.42 crore for the July-September quarter (Q2) of the financial year 2024-25. This is down from Rs 764.03 crore during the same period last year.
The company’s revenue from operations also saw a slight dip, recording Rs 9,777 crore compared to Rs 9,797 crore a year earlier. Standalone net revenue for Q2FY25 was reported at Rs 9,746 crore, with standalone EBITDA at Rs 1,008 crore and standalone profit at Rs 590 crore.
In a press release, Jindal Stainless noted ongoing challenges from the importation of subsidized and dumped stainless steel, particularly from China and Vietnam, which has disrupted the market for Indian producers, especially in the MSME sector. The company reported a nearly 75% increase in imports from Vietnam in the first half of FY25 compared to the previous year.
Despite these challenges, Jindal Stainless managed to increase its market share through competitive pricing and improved delivery times. However, the export market did not recover as anticipated due to geopolitical complexities, with container freight costs remaining high, nearly double their original rates.
Managing Director Abhyuday Jindal emphasized the importance of India’s growth story as a key driver of domestic manufacturing amid global uncertainties. He acknowledged the government’s focus on utilizing stainless steel for infrastructure projects and expressed hope for a resolution to the issues surrounding dumping practices from foreign markets, which are affecting the competitiveness of Indian manufacturers.
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