Jindal Stainless Ltd (JSL) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income.

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It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday.

The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago.

JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago.

In a separate statement, JSL Managing Director Abhyuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." "As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said.

Chinese imports have increased by nearly 55 per cent year-on-year, which highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market, the MD said.

The industry expects the government to take notice of the continuously increasing imports from China, which is hurting the sector, especially the MSMEs and as well the government's vision of an Atmanirbhar Bharat, he added.

During the September quarter, the company's earnings before interest, taxes, depreciation, and amortisation was at Rs 1,231 crore, up by 80 per cent y-o-y.

"The board also approved the proposal to explore the option for selling/liquidating/divesting equity stake in its subsidiary, PT Jindal Stainless, Indonesia (PTJSI), at Gresik, Indonesia," the statement said.

"The decision was taken in the wake of unfavourable market conditions in Indonesia due to the lack of a level-playing field and competition with Chinese products," it said.

Most of the Indonesian market is dominated by Chinese players, and therefore, major markets such as the US and the EU have levied severe trade protection measures on exports of stainless steel products from Indonesia.

The Board of Directors also approved an interim dividend Re 1 per equity share (face value of Rs 2 each) for FY24.

The record date for determining the entitlement of shareholders has been set as October 28.

The dividend shall be paid on or before November 17, the company said, adding that the aggregate payout will be nearly Rs 82.34 crore.

The sales volume for the second quarter stood at 543,619 metric tonnes, up by nearly 26 per cent y-o-y, owing to robust domestic demand.