Latest News | JSHL Q2 Net Jumps 60 Pc to Rs 168 Cr

New Delhi, Nov 4 (PTI) Jindal Stainless (Hisar) Ltd (JSHL) on Wednesday posted a 60 per cent increase in consolidated net profit at Rs 168.64 crore for the quarter ended September 2020.

The company had clocked a net profit of Rs 105.10 crore during the corresponding period of the previous fiscal, it said in a BSE filing.

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Total income rose to Rs 2,328.92 crore in the quarter under review from Rs 2,303.45 crore earlier.

Expenses reduced to Rs 2,149.79 crore as against Rs 2,167.07 crore in July-September 2019-20.            

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In a separate statement, JSHL Managing Director Abhyuday Jindal said, "The company's ability to cater to ever-changing market dynamics is pivoted on strong planning fundamentals, helping JSHL respond to crises and upswings alike. With sales volumes back to pre-COVID levels in Q2 this year, we look forward to government spending on public infrastructure as the next big push for the sector."

JSHL's sales volumes grew by 9 per cent to 1,55,470 tonnes in the quarter, as against 1,43,139 tonnes in the corresponding period last year, the statement said.

Melt production increased by 11 per cent to 1,53,370 tonnes, reaching pre-COVID levels. Sales of JSHL's specialty products division, which produces razor blade steel, precision strips and coin blanks, witnessed a 14 per cent rise in July-September 2020.            

The company further said interest costs in the first half of the ongoing fiscal declined by 15 per cent to Rs 133 crore from the year-ago period.

JSHL is the largest specialty stainless steel producer in India with a diversified value added product portfolio. Its stainless steel plant at Hisar, Haryana has a total melting capacity of 0.8 million tonne per annum (MTPA).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)