Jindal Stainless reports record PAT and growth in Q3FY24

Jindal Stainless Limited, a frontrunner in the stainless steel industry, has announced its financial results for the quarter ended December 31, 2023. The company’s standalone and consolidated performances have shown remarkable growth, underlining its resilience and strategic approach in a globally challenging environment.

Standout Standalone Performance

– Record Sales Volume: The company achieved its highest ever quarterly disbursement of 5,12,015 metric tonnes (MT), marking a 9% year-on-year (YoY) increase.

– Net Revenue Growth: Standalone net revenue stood at INR 9,088 crores, reflecting a modest 1% YoY growth.

– Impressive EBITDA and PAT: EBITDA for the quarter reached INR 1,021 crores, up by 8% YoY. Profit After Tax (PAT) saw a substantial 41% YoY increase, reaching INR 779 crores.

– Stable Net Debt: The company reported a net debt of INR 3,085 crores, with a net debt-to-equity ratio of approximately 0.23.

Jindal Stainless Achieves Historic Sales and Profitability in Q3FY24

Consolidated Performance Insights

– Consolidated Net Revenue: Recorded at INR 9,127 crores.

– EBITDA and PAT Growth: Consolidated EBITDA rose by 43% YoY to INR 1,246 crores, while PAT increased by 35% YoY to INR 691 crores.

Strategic Developments and Market Positioning

Despite the muted global demand and geopolitical challenges, Jindal Stainless maintained robust sales outside India. The company showcased its decarbonization initiatives at the UN COP28 climate summit, reaffirming its commitment to sustainability.

Market Dynamics and Operational Highlights

The domestic demand for stainless steel witnessed growth, especially in the auto sector and decorative pipe and tube sector. Jindal Stainless began production at its newly acquired facility in Ghaziabad, expanding its product offerings. The company strategically navigated through global market pressures, including pricing challenges and the influx of foreign imports.

Leadership’s Vision and Future Outlook

Abhyuday Jindal, Managing Director of Jindal Stainless, emphasized the significance of the company’s performance and its focus on green manufacturing, operational excellence, and nation-building. He expressed confidence in meeting future targets and continuing to drive innovation in the sector.

Jindal Stainless’s Path to Continued Success

Jindal Stainless Limited’s financial results for Q3FY24 demonstrate its robust business model and strategic positioning in the stainless steel industry. With a focus on sustainable practices, operational efficiency, and market expansion, the company is well-positioned for continued growth and success in the Indian and global markets.