India’s leading stainless maker Jindal Stainless announced that its standalone revenue of at INR 5,442 crores, EBITDA of INR 411 crores and PAT of INR 189 crores during July-September quarter of 2022, up 13%, down 42% & down 48% YoY respectively with a sales volume of 270,360 tonnes, up 5% YoY. On a consolidated basis, JSL’s revenue stood at INR 5,605 crores, EBITDA at INR 358 crores, and PAT at INR 152 crores rspctively. Jindal Stainless said “Globally, demand for stainless steel decelerated throughout Jul-September quarter. This can be attributed to subdued demand in real estate and construction sectors, high energy costs, and aggressive rate hikes by FED, among other reasons. On the domestic front, demand from end-user segments continued to be strong. With JSL’s agility in sales planning, the Company enhanced its focus on domestic sales. As a result, 95% of JSL’s total sales volume catered to domestic customers. The Company supplied new stainless steel grades including 432, along with existing grades like 436L and 439 to auto majors. In the ornamental pipe and tube segment, sales increased by 41% YoY. Demand was also strong in the lift and elevators segment. Indian Railways continued its thrust on increasing its share of business in freight. This led to a 25% jump in JSL’s sales to the railway wagon segment during quarter. Going forward, Vande Bharat train sets will remain a major focus area for Railways.” Jindal Stainless also said “Despite being suppliers of high quality products, the cost competitiveness of the Indian stainless steel manufacturers has been severely affected by the government’s decision to impose a duty on the export of stainless steel products. This has led to a fall of 60% in the Indian exports of stainless steel flat products between Jun-Aug’22. On one hand, this has disrupted the ongoing expansion plans of domestic producers. On the other hand, it has led to a lack of trust in Indian policies among global customers. Overall, this decision is damaging India’s reputation as a reliable stainless steel exporter.”
India’s leading stainless maker Jindal Stainless announced that its standalone revenue of at INR 5,442 crores, EBITDA of INR 411 crores and PAT of INR 189 crores during July-September quarter of 2022, up 13%, down 42% & down 48% YoY respectively with a sales volume of 270,360 tonnes, up 5% YoY. On a consolidated basis, JSL’s revenue stood at INR 5,605 crores, EBITDA at INR 358 crores, and PAT at INR 152 crores rspctively. Jindal Stainless said “Globally, demand for stainless steel decelerated throughout Jul-September quarter. This can be attributed to subdued demand in real estate and construction sectors, high energy costs, and aggressive rate hikes by FED, among other reasons. On the domestic front, demand from end-user segments continued to be strong. With JSL’s agility in sales planning, the Company enhanced its focus on domestic sales. As a result, 95% of JSL’s total sales volume catered to domestic customers. The Company supplied new stainless steel grades including 432, along with existing grades like 436L and 439 to auto majors. In the ornamental pipe and tube segment, sales increased by 41% YoY. Demand was also strong in the lift and elevators segment. Indian Railways continued its thrust on increasing its share of business in freight. This led to a 25% jump in JSL’s sales to the railway wagon segment during quarter. Going forward, Vande Bharat train sets will remain a major focus area for Railways.” Jindal Stainless also said “Despite being suppliers of high quality products, the cost competitiveness of the Indian stainless steel manufacturers has been severely affected by the government’s decision to impose a duty on the export of stainless steel products. This has led to a fall of 60% in the Indian exports of stainless steel flat products between Jun-Aug’22. On one hand, this has disrupted the ongoing expansion plans of domestic producers. On the other hand, it has led to a lack of trust in Indian policies among global customers. Overall, this decision is damaging India’s reputation as a reliable stainless steel exporter.”
