India's Jindal Stainless posts 50% jump in Q1 profit on robust domestic demand

Jindal Stainless

26/07/2023 12:56

July 26 - India's Jindal Stainless  JIST.NS  reported a
near-50% rise in its first-quarter profit on Wednesday, helped
by strong domestic demand.
    The company - the biggest stainless steel maker in India by
volumes - posted a consolidated net profit of 7.46 billion
rupees ($91 million) for the quarter ended June 30, compared to
4.98 billion rupees a year earlier. 
    Jindal, which makes stainless steel products for sectors
like transportation and construction, said revenue from
operations rose 25.4% to 101.84 billion rupees for the quarter.
    Domestic sales grew 54% year-on-year owing to the
pre-festive season demand, which picked up in consumer segments,
the company said in a statement.
    Rival JSW Steel  JSTL.NS  reported a nearly three-fold jump
in first-quarter profit on higher demand from infrastructure
projects, while Tata Steel  TISC.NS  saw a 92% slump in
quarterly profits.
    Shares of Jindal, a constituent of India's Nifty metals
index  .NIFTYMET  closed 1.12% higher ahead of its results,
while the index closed 0.32% higher.

($1 = 81.9910 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Sonia Cheema)
 ((AshnaTeresa.Britto@thomsonreuters.com;))