Jindal Stainless Q2FY22 Results: Cons net profit grows 3-folds to Rs 498.58 cr amid high income

Jindal Stainless (Hisar) Ltd (JSHL) on Thursday posted a nearly three-fold jump in its consolidated net profit at Rs 498.58 crore during the quarter ended September 30, mainly on account of higher income.

In a regulatory filing, the company said it had clocked Rs 168.64 crore net profit in the year-ago quarter.

The company's total income in the July-September quarter of the ongoing fiscal also rose to Rs 3,771.90 crore from Rs 2,328.92 crore a year ago.

Its expenses were at Rs 3,262.26 crore as against Rs 2,149.79 crore in the July-September period of the preceding 2020-21 financial year.

In a statement, JSHL Managing Director Abhyuday Jindal, said, Strong macro-economic fundamentals of the economy led to a quick recovery during the second quarter and strengthened market demand."

He said that an overall increase in government spending along with further improvement in economic activity will support demand recovery.

According to the company, demand from all end-use segments like pipe and tube, hollowware, white goods along with railways & wagons, and metro rail grew during the quarter.

Sales in the auto segment were weak as the semiconductors' shortage led to a decline in the production of passenger vehicles.