India's Jindal Stainless posts Q3 profit drop on falling steel prices

Jindal Stainless

29/01/2025 11:37

Jan 29 (Reuters) - Indian steelmaker Jindal Stainless
 JIST.NS  reported a 5.3% fall in third-quarter profit on
Wednesday, hurt by lower prices amid discounted imports from
China as well as rising expenses. 
    The company's consolidated profit after tax declined to 6.54
billion rupees (about $76 million) for the quarter ended Dec. 31
from 6.91 billion rupees a year earlier.
    Indian steelmakers have been battling an influx of
discounted Chinese steel, with shipments hitting an all-time
high during the April-December period. 
    Jindal Stainless said the dip in profit happened as
stainless steel prices have been declining globally, while
incessant low-priced imports pressured margins in both domestic
and export markets. 
    Its earnings before interest, taxes, depreciation, and
amortization fell to 12.08 billion rupees in the quarter, down
5.3% on-year. 
    Domestic sales grew 20% in the quarter, driven by higher
sales to the automobile industry, while exports fell 22%. 
    The company's net revenue rose 8.5% to 99.07 billion rupees,
while total expenses jumped 10% to 91.02 billion rupees. 
    
($1 = 86.5280 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))