Iron and Steel/Intermediate Products company Jindal Stainless announced Q2FY24 results: Consolidated Financial Performance: - Net revenue for Q2FY24 reached Rs 9,797 crore, showing a growth of 12% YoY. - EBITDA for Q2FY24 stood at Rs 1,231 crore, marking an 80% YoY increase. - Profit after tax (PAT) for Q2FY24 was recorded at Rs 764 crore, showing a significant growth of 120% YoY. Standalone Financial Performance: - Sales volume for Q2FY24 increased by 26% YoY, driven by robust domestic demand and global market agility. - Net revenue for Q2FY24 reached Rs 9,720 crore, showing a 14% YoY growth. - EBITDA stood at Rs 1,070 crore, a significant increase of 54% YoY. - Profit after tax (PAT) for Q2FY24 was recorded at Rs 609 crore, marking a 74% YoY growth. - Net debt for the quarter was Rs 2,149 crore, with a net debt-to-equity ratio of approximately 0.2. Dividend Announcement: - The Board of Directors approved the payment of interim dividend at a rate of 50% (Re 1 per equity share) for FY24. - The record date for determining entitlement of members for dividend payment is October 28, 2023. - The dividend will be paid on or before November 17, 2023, amounting to approximately Rs 82.34 crore. Key Developments: - Jindal Stainless signed an MoU with IIT Bombay to establish a Chair Professorship for research in the stainless steel sector. - The company received Bureau of Indian Standards (BIS) certification for new stainless steel grades in the utensils and kitchenware segment. - JSL earned a credit rating upgrade from CARE Ratings and revised ratings for its subsidiary, JUSL. - The company explored the option to sell/liquidate/divest equity stake in its subsidiary, PT Jindal Stainless, Indonesia. - Jindal Stainless became the first Indian corporate to execute a bilateral live transaction powered by public blockchain. - The company successfully developed and supplied the DS 9513 grade as an import substitute. - Jindal Stainless achieved carbon emission reduction through the trial of bio-coal at the electric arc furnace and became a member of Responsible Steel. - The company received several awards and recognition for its initiatives and achievements. Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “Our domestic sales are up by 15% YoY, buoyed by the government’s push for stainless steel in strategic sectors. As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years. Chinese imports have increased by nearly 55% YoY. This highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market. We hope the government will take notice of the continuous and rampant imports by China, which is hurting the sector, especially the MSMEs, as well the government’s vision of an Atmanirbhar Bharat.” Result PDF