Jindal Stainless announces financial results for the quarter

Bhubaneswar,: The Board of Directors of Jindal Stainless Limited (JSL) today announced the Q3FY25financial results. The company’s Q3FY25 standalone net revenue was recorded at INR 10,066 crores, exhibiting a growth of 10.8% on a year on year (YoY) basis. Standalone EBITDA stood at INR 1,003 crores while standalone profit after tax (PAT) was at INR 619 crores. Net debt (excluding Inter Corporate Deposit)for the quarter was recorded at INR 3,344 crores and the net debt-to-equity ratio was maintained at ~0.2. Net debt/EBITDA for the quarter stood at ~0.9. Meanwhile, consolidated net revenue was recorded at INR 9,907 crores. Consolidated EBITDA and PAT stood at INR 1,208 crores and INR 654 crores, respectively. The Board of Directors also approved payment of interim dividend @50% i.e. INR 1 per equity share (face value of INR 2 each) for FY25. The record date for determining the entitlement of members for the purpose of payment has been set as February 08, 2025. The dividend shall be paid on or before February 27, 2025. Despite continued pressure of subsidised imports in the domestic market, and a depressed export market, the company managed to grow its sales volume from 5,12,015 tonnes in Q3FY24 to 5,87,658 tonnes in Q3FY25, a YoY gain of 15%. Notably, the domestic sales increased by 20% YoY, from 4,48,361 tonnes in Q3FY24 to 5,37,747 tonnes in Q3FY25, while exports fell by 22% in the same period. The company continued to demonstrate leadership in the domestic market given its wide distribution network, technological prowess, product supremacy and established customer relationships. The company gained ground in industrial infrastructure as well as the architecture, building, and construction segments. Tailored solutions for OEMs continued to drive company’s sales in the white goods segment, as did value-added offerings in the special finishes market. A combination of continuously declining stainless steel prices in global markets and incessant low-priced imports pressured margins in both domestic and export markets, thereby affecting profitability during the quarter. Commenting on the performance of the company, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said,“Recent times in the Indian steel and stainless steel industry have been witness to the adverse effects of subsidised dumping of inferior quality products by countries having surplus capacities. With India still being the fastest growing major economy globally, the domestic industry needs immediate government measures to stop dumping of surplus quantities into India, and circumvention of quality norms through several FTA countries. Our third quarter performance in the current fiscal is a testimony to our overall competitiveness even in the face of rising imports, and our adequacy in meeting domestic demand across all
sectors. A favourable economy backed by bold infrastructure plans, accelerated use of stainless steel in process and greening industries, and a growing need to incorporatelife cycle costing as a mandatory criterion for material selection in public procurement – all these factors augur well for continued demand of stainless steel.”