Iron & steel manufacturer Jindal Stainless (Hisar) announced Q2FY23 results:

• Standalone Q2FY23:
  • Revenue at Rs.3,448 crores; up by 1% YoY
  • EBITDA at Rs.295 crores; down by 41% YoY
  • PAT at Rs.181 crore; down by 46% YoY
  • Sales volume registered at 183,421 metric tonnes
  • Net lenders’ debt reduced to Rs.952 crore 
  • Net debt-to-equity ratio improved to ~0.2
• Consolidated Q2FY23:
  • Revenue stood at Rs.3,926 crore; up by 5% YoY
  • EBITDA at Rs.323 crore; down by 43% YoY
  • PAT at Rs.253 crore; down by 49% YoY

Commenting on the performance of the Company, Managing Director, JSHL, Mr Abhyuday Jindal said, “The Indian stainless steel industry has suffered a setback due to the export duty levied by the Indian government. This duty comes at a time when the domestic market is being dumped with substandard stainless steel imports from China and Indonesia. We have made several presentations to the government and are hopeful of remedial actions to support the struggling domestic industry. However, with an agile market strategy and an efficient alignment of our sales mix, JSHL continued to deliver strong volumes in the domestic market. We are cognizant of our environmental responsibility and are committed to helping the nation prepare for a sustainable future.”

Result PDF