Jindal Stainless Revenue Up 36% To Rs 2608 Cr In Q2FY18
The net profit of 27 crore for the quarter was however down by 34 per cent, compared to the first quarter of 2018 which stood at 41 crore
Jindal Stainless Limited (JSL) recorded a net profit of Rs 27 crore in the second quarter of 2018, against the loss of 65 crore reported last year in the same quarter. This was led by an increase in the company’s net revenue by almost 36 per cent, standing at Rs 2608 crore against Rs 2078 crore in the corresponding quarter the previous year.
The net profit of 27 crore for the quarter was however down by 34 per cent, compared to the first quarter of 2018 which stood at 41 crore. Despite the same, this is the 4th consecutive quarter of net profit for the company which was making losses until September quarter last year.
The company’s net sales jumped by 20 per cent, which went up to 202,447 MT (Million Tonne) during the quarter under review (Q2FY18) from 168,548 MT Q2FY17, the company said in a statement. Exports constituted about 25 per cent of the total sales during the quarter. The EBITDA for the quarter was at Rs 256 crore, witnessing a YoY increase of 10 per cent.
JSL’s net worth as on September 30, 2017, stood at Rs 2,047 crore.
“With the company making consistent net profits, cash flow position is improving. With increased demand, we have been able to exceed 90% capacity utilization. Efforts are now directed towards achieving sustainability for the next 5 years. To that end, we are working on enhancing quality, delivery, and brand equity,” said Abhyuday Jindal, Chairman, Jindal Stainless Limited.
The company other entity-Jindal Stainless (Hisar) had a 73 per cent jump in profit after tax at Rs 92 crore for Q2, from the same period a year before, last week.
JSL claims to be expanding its customer base by servicing newer and niche markets, apart from catering the mass demand arising from architecture, building, construction, automobile, railway and transport sectors.
Witnessing an increase in the capacity utilisation and re-engineered production efficiencies, the company is also planning to facilitate the growth of the ancillary industry around its current plants, located in Jaipur and Odisha.
The proposal is currently under evaluation by the state government as mentioned by the company.
Gross revenue in the first six months of FY18 stood at Rs 4,600 crore, up by 18 per cent over H1 FY17. The company registering the profit after tax of Rs 69 crore for H1 FY18 compared to the loss of Rs 143 crore last year. The company’s subsidiaries also recorded growth in respective revenues.
PTJSI (Indonesia) recorded net revenue of Rs 477 crore during H1FY18, rising by 12 per cent over corresponding period last year. Net revenue for Iber Jindal (Spain) at Rs 172 crore was 69 per cent higher over H1FY17.