Jindal Stainless profit zooms to Rs 442 cr in December quarter

Jindal Stainless Ltd (JSL) on Monday said its December quarter consolidated profit rose nearly three times to Rs 441.78 crore.

The company had clocked a profit of Rs 170.20 crore in the year-ago period, JSL said in a filing to BSE.

Income during the third quarter increased to Rs 5,682.37 crore, from Rs 3,592.04 crore in the year-ago period.

JSL continued to register profitable growth by harnessing export markets, while maintaining total sales level on a year-on-year basis.

A sharp product mix, attuned to market demands, helped the company remain agile and responsive to customer requirement, the statement said.

Managing Director Abhyuday Jindal said, an intelligent product mix and the agility to step up exports helped JSL in maintaining profitability despite stiff and unfair competition from Chinese and Indonesian imports.

"We are always on the lookout for new avenues for stainless steel applications that can keep us ahead of competition and boost our share in domestic and export markets. Sharp focus on financial prudence and strong operating fundamentals have served us well, and we will continue to strategise business as per market dynamics," he added.

The company said its board has approved raising up to Rs 3,500 crore by issuing debt securities.

The board has approved "to raise funds, along with any other co-issuer, by way of issue of debt securities including secured or unsecured non-convertible redeemable debentures or bonds or commercial paper or notes (listed/unlisted) or any combination thereof, through private placement basis...an aggregate principal amount of Rs 3,500 crore," the filing said.