Latest News | JSHL Q2 Net Profit Falls 49 Pc to Rs 253 Cr

New Delhi, Nov 4 (PTI) Jindal Stainless (Hisar) Limited (JSHL) on Friday said its profit after tax fell 49 per cent year-on-year to Rs 253 crore in the second quarter ended September 30.

The company had clocked Rs 498.58 crore profit after tax (PAT) during the same period of 2021-22, JSHL said in a statement.

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Its total income rose to Rs 3,957 crore from Rs 3,772 crore in the year-ago quarter.

"During Q2, raw material prices saw a downward trend, with nickel prices falling by 24 per cent quarter-on-quarter (q-o-q) and those of ferrochrome by 18 per cent q-o-q. This impacted the realisation and profitability of domestic manufacturers, including JSHL," the statement said.

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JSHL Managing Director Abhyuday Jindal said the Indian stainless steel industry has suffered a setback due to the export duty levied by the government in May.

This duty comes at a time when the domestic market is being dumped with substandard stainless steel imports from China and Indonesia. The industry has made several presentations to the government and is hopeful of remedial actions to support the struggling domestic players, he said.

On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent.

(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)