NEW DELHI, INDIA (Metro Rail News): On Tuesday, Jindal Stainless Limited (JSL) posted a five-fold combined profit of Rs 411.62 crore for the quarter of September, mainly due to higher revenue.
The company made a profit of up to Rs 80.64 crore during the July-September financial year 2020-21, JSL said in its latest filing. During the quarter under review, the company’s gross domestic product increased to Rs 5,041.26 crore from Rs 3,324.15 crore last year. The total cost was Rs 4,453.86 crore compared to Rs 3,200.43 crore previously.
In a statement, the company’s Managing Director Abhyuday Jindal said, “JSL has provided strong performance that determines the foundations of our strong business. Despite facing uncertainties and unprecedented transportation challenges, we have been able to assist our customers in India and abroad.”
He also added that the domestic stainless steel market is facing the problem of imports from China and Indonesia. Therefore, the industry is looking forward to the government’s move to promote domestic production.
In another statement, demand from all significant segments like the process industry, railways and wagons, pipe and tube, and metro rail showed visible growth during the quarter. It is noteworthy that JSL is the world’s largest producer of stainless steel. Its plant in Jajpur and Odisha has an annual capacity of 1.1 million tons.