The Board of Directors of Jindal Stainless Limited (JSL) on Tuesday released the results for the first quarter of FY 2024-25. Announcing the financial results for the quarter ended June 30, 2024, the company said that the company recorded sales of 5,78,143 tonnes in the first quarter, an increase of 1.4% as compared to the fourth quarter of FY 2023-24. Standalone EBITDA and PAT for this quarter stood at Rs 1,004 crore and Rs 578 crore respectively. However, the consolidated net profit of Jindal Stainless Limited (JSL) for the first quarter of the current financial year ended in June has declined by 12 percent to Rs 646.07 crore.
The company’s profit decreased
According to the news, the company’s profit has decreased due to decrease in income. The company gave this information in the information sent to the stock markets. In the same period a year ago, the company had earned a net profit of Rs 737.58 crore. According to the news of Bhasha, the total income of the company came down from Rs 10,227.20 crore to Rs 9,480.50 crore in the April-June quarter of 2023-24. This time the expenditure was Rs 8,593.13 crore as against the expenditure of Rs 9,279.15 crore in the same quarter a year ago.
Company opinion
The profit for the first quarter of the current financial year was 29 percent higher than the previous January-March quarter’s Rs 500.65 crore. JSL Managing Director Abhyudaya Jindal said that due to stable growth in the US and EU markets, the company’s export volume has remained stable on a quarter-on-quarter basis. He said that the ongoing tension in the Red Sea has increased transit time and freight costs from India to western markets, and the shortage of containers has further affected exports.
Jindal said since the company sources most of its raw materials from near shores and domestic suppliers, it has been able to mitigate the cost and time risks arising out of this crisis to a large extent. He added that cheap imports from China and Vietnam continue to pose a threat to the domestic industry.
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