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Business EconomyPosted at: Aug 9 2017 6:12PM


JSL earns net profit of Rs 42 crore in Q1 of FY17-18

New Delhi, Aug 9 (UNI) Jindal Stainless Limited (JSL), one of India’s largest stainless steel producers, reported a profit after tax of Rs 42 crore in Quarter 1 of Financial Year 2017-18 (Q1 FY17-18).
This marks a turnaround as compared to the loss of Rs 78 crore in the corresponding period last year (CPLY). Earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs 251 crore, was higher by 14 per cent over CPLY. The growth comes on the back of better sales, operational efficiencies and a profitable product mix.
According to a JSL press release, JSL witnessed steady increase in revenues in Q1 at Rs 2,194 crore, reflecting an annual jump of 2 per cent. Net worth of the company stood at Rs 2,020 crore as on 30th June, 2017.
Reacting on the results, Chairman and Managing Director of JSL, Rattan Jindal said, “The outlook of stainless steel is promising, spurred by government’s renewed focus on infrastructure development. The June quarter profit was impacted by destocking just ahead of the launch of GST. However, transition to the new tax regime is expected to pay off positively as it mainstreams the entire industry. Our capacity utilization ramp-up is well on track and we have strengthened our focus on product differentiation. Resulting from these and other operational initiatives, we expect sustainable financial performance in the coming quarters.”
Operational parameters remained positive with increased melt production in the quarter, from 1,72,969 tonnes CPLY to 1,76,595 tonnes. Profit in the sequential quarter was impacted on account of planned periodic maintenance and destocking by certain segments due to GST transition. Process improvements went ahead in full swing during the quarter.
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