New Delhi: Jindal Stainless Limited (JSL) on Tuesday posted a standalone net profit of Rs 27.30 crore for the quarter ended on September 30, 2017, on the back of higher sales volume.
Jindal Stainless posts Rs 27 cr quarterly profit
The company had incurred a standalone net loss of Rs 65 crore in the July-September quarter a year ago.
"This is the fourth consecutive quarter of net profit for the company which was making losses till Q2 FY17, marking a total turnaround," the country's largest stainless steel maker said.
The company posted a net revenue of Rs 2,608 crore for the quarter under review, up by 36 per cent from Rs 2,078 crore in the corresponding period of last year. The robust growth in financial results was backed by a 20 per cent jump in sales volume, the company said.
The company sold 2,02,447 MT in Q2 FY18 over 1,68,548 MT sales in same quarter last fiscal. Exports constituted about 25 per cent of the total sales during the quarter.
As on September 30, 2017, the net worth of JSL stood at Rs 2,047 crore.
Jindal Stainless Ltd Vice Chairman Abhyuday Jindal said, "With the company making consistent net profits, cash flow position is improving. With increased demand, we have been able to exceed 90 per cent capacity utilisation. Efforts are now directed towards achieving sustainability for the next 5 years."
The company has around 1 million tonne per annum capacity.