Jindal Stainless Q4FY22 profit soars by 156% to Rs 750cr

Jindal Stainless Limited (JSL) has reported a profit after tax (PAT) of INR 750 crores for the fourth quarter of the fiscal year 2022 (Q4FY22), an increase of 156% compared to INR 293 crores for the same quarter of the previous fiscal year.

The Indian stainless steel manufacturer earned revenue of INR 6,564 crores for the quarter ended 31 March 2022, a growth of 68%, compared to INR 3,914 crores in Q4FY21.

Jindal Stainless said that it sustained a solid performance driven by adaptive strategies in the supply chain as well as product basket management.

The stainless steel company added that in spite of unpredictability and global disruptions in raw material supply and logistics, it could effectively double the proportion of its export sales to 32% of total sales volumes in Q4FY22, as compared to 16% in Q4FY21.

Jindal Stainless Q4FY22 profit soars by 156% to Rs 750cr. Photo courtesy of Deshi Heero/Wikipedia.org.

Jindal Stainless reported a sales volume of 269,168MT in Q4FY22, a 6% increase, compared to 255,099MT in Q4FY21.

For FY21-22, the stainless steel manufacturer had posted a profit after tax of INR 1,909 crores, an increase of 355%, compared to INR 419 crores in FY20-21.

Jindal Stainless FY21-22 revenue was INR 21,223 crores, a 74% increase, compared to INR 12,188 crores in FY20-21.

Abhyuday Jindal — Managing Director of Jindal Stainless said: “JSL’s strategic decision to focus on export sales and strengthen its niche value added product portfolio resulted in a robust performance. This also enabled the Company steer through certain challenging segments in the domestic market that faced subsidized imports from China and Indonesia.

“We continue to work closely with our customers to develop new products and the ecosystem, for catering to new opportunities of stainless steel applications in infrastructure and emerging focused sectors like Green Hydrogen and ethanol. We are also proactively switching from thermal to renewable energy infrastructure at our plant premises, and are working towards our goal of net zero carbon emissions by 2050.”