New Delhi, June 6 (PTI): Jindal Stainless Ltd (JSL) on Saturday posted a standalone loss of INR 22 crore during the quarter ended March 31.
The company had reported a net profit of INR 32 crore in the year-ago period, JSL said in a BSE filing.
During January-March quarter, the company’s total income also fell to INR 2,914 crore from INR 3,260 crore a year ago.
Total expenses during the quarter stood at INR 2,904 crore as against INR 3,202 crore in the same period previous fiscal year.
For the full 2019-20 fiscal, the company recorded INR 153 crore net profit as compared to INR 139 crore in the preceding fiscal, a rise of 10 per cent.
In a statement, the company said its revenue in financial year 2019-20 remained almost flat at Rs 12,320 crore.
The sales volume in 2019-20 stood at 9,15,900 tonne, rising by 7 per cent, while the stainless steel production was at 9,73,995 tonne in the fiscal ended March 31, 2020.
JSL Managing Director Abhyuday Jindal said …in the last quarter of the (2019-20) fiscal, we witnessed erosion in margins. Going forward, we are turning our focus on growing markets, such as the two-wheeler and healthcare industries.”
JSL is the country’s largest stainless steel manufacturer. Its plant in Jajpur, Odisha has an annual capacity of 1.1 million tonnes (MT).
