Jindal Stainless Limited announced the financial results for October-December 2020 quarter. Jindal Stainless said “A V shaped recovery in stainless steel demand in the domestic markets bolstered JSL's sales volume to 250,562 tonnes in Q3of FY21. The Indian economy gained momentum and registered a faster than expected recovery after the peak COVID-19 period in 2020. The third quarter witnessed healthy revival in end-user segments like automotive, pipes & tubes, and industrial fabrication. Backed by R&D efforts to indigenize various stainless steel grades in the automotive sector, JSL was able to capitalize on the demand growth in the two-wheeler and passenger vehicle segments. Aided by the second wave of its nationwide co-branding initiative Jindal Saathi, the Company registered nearly 40% growth in the ornamental pipe & tube segment during the quarter. Sales in the Hollowware segment grew by about 40% in Q3FY21 as compared to previous quarter. JSL's sales in the railway wagon and metro rail segments also remained strong during the quarter.”Q3FY21 Highlights - Standalone performance:Sales volume registered at 250,562 tonnes, up by 5% YoYDomestic Sales 85% up 13%Exports 15% down 27%Revenue at INR 3,452 crores, up by 9% YoYEBITDA at INR 445 crores; EBITDA margin at 12.9%PAT at INR 152 crores; PAT margin at 4.4%Q3FY21 Highlights - Consolidated performance:Revenue stood at INR 3,585 crores, up by 9% YoYEBITDA at INR 473 crores; EBITDA margin at 13.2%PAT at INR 170 crores; PAT margin at 4.7%Jindal Stainless said “The global stainless steel market saw escalation of raw material prices throughout the quarter. Over the six-month period of July-December 2020, Nickel prices jumped by about40%, while prices of Molybdenum, Copper and Ferrous Scrap grew by nearly 27%, 24%, and 45% respectively. Additionally, the shipping cost for imported raw materials went up by 30-35% in comparison to the pre-COVID period, resulting in higher landed cost of raw-materials. Steadily increasing input costs had a direct bearing on the prices of stainless steel. With imports constituting nearly 27% of domestic stainless steel consumption, and input materials imported from global sources, the domestic prices of finished goods remained inevitably linked with the prevailing international prices.”
Jindal Stainless Limited announced the financial results for October-December 2020 quarter. Jindal Stainless said “A V shaped recovery in stainless steel demand in the domestic markets bolstered JSL's sales volume to 250,562 tonnes in Q3of FY21. The Indian economy gained momentum and registered a faster than expected recovery after the peak COVID-19 period in 2020. The third quarter witnessed healthy revival in end-user segments like automotive, pipes & tubes, and industrial fabrication. Backed by R&D efforts to indigenize various stainless steel grades in the automotive sector, JSL was able to capitalize on the demand growth in the two-wheeler and passenger vehicle segments. Aided by the second wave of its nationwide co-branding initiative Jindal Saathi, the Company registered nearly 40% growth in the ornamental pipe & tube segment during the quarter. Sales in the Hollowware segment grew by about 40% in Q3FY21 as compared to previous quarter. JSL's sales in the railway wagon and metro rail segments also remained strong during the quarter.”Q3FY21 Highlights - Standalone performance:Sales volume registered at 250,562 tonnes, up by 5% YoYDomestic Sales 85% up 13%Exports 15% down 27%Revenue at INR 3,452 crores, up by 9% YoYEBITDA at INR 445 crores; EBITDA margin at 12.9%PAT at INR 152 crores; PAT margin at 4.4%Q3FY21 Highlights - Consolidated performance:Revenue stood at INR 3,585 crores, up by 9% YoYEBITDA at INR 473 crores; EBITDA margin at 13.2%PAT at INR 170 crores; PAT margin at 4.7%Jindal Stainless said “The global stainless steel market saw escalation of raw material prices throughout the quarter. Over the six-month period of July-December 2020, Nickel prices jumped by about40%, while prices of Molybdenum, Copper and Ferrous Scrap grew by nearly 27%, 24%, and 45% respectively. Additionally, the shipping cost for imported raw materials went up by 30-35% in comparison to the pre-COVID period, resulting in higher landed cost of raw-materials. Steadily increasing input costs had a direct bearing on the prices of stainless steel. With imports constituting nearly 27% of domestic stainless steel consumption, and input materials imported from global sources, the domestic prices of finished goods remained inevitably linked with the prevailing international prices.”
