Jindal Stainless reported a profit after tax (PAT) of Rs 501 crore for the quarter, a significant decline of 30 per cent compared to the same period last year. This downturn in profitability was attributed to various factors affecting the industry landscape.
Consolidated revenue from operations stood at Rs 9,454 crore for the quarter, reflecting a 3.2 per cent year-on-year (YoY) decline from Rs 9,765 crore reported in the corresponding period of the previous financial year.
The company’s Board recommended a final dividend of Rs 2 per equity share for the financial year ended 31 March 2024.
Sequentially, there was a significant decline in Profit After Tax (PAT) by over 27 per cent, compared to the Rs 691 crore reported in the third quarter of FY24. However, amidst this decrease, revenue showed resilience, registering a 3.6 per cent increase compared to the Rs 9,127 crore posted in the same quarter of the previous fiscal year.
The company’s Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at Rs 1,035 crore, down 10 per cent YoY, reflecting the broader challenges faced by the stainless steel industry during the period under review.
On a standalone basis, Jindal Stainless reported a standalone net profit of Rs 476 crore, representing a 28 per cent year-on-year decline. However, the standalone net revenue remained relatively stable YoY at Rs 9,521 crore. The sales volume for the reported quarter stood at 5,70,362 tonne, a substantial 12 per cent YoY increase.
Despite the decline in profitability, Jindal Stainless demonstrated resilience in its operational performance, with standalone sales volume for the full financial year standing at 21,74,610 tonne, a 23 per cent YoY growth.
The company’s net debt for the reported quarter on a standalone basis stood at Rs 2,418 crore, with a net debt-to-equity ratio of 0.18.
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