JSHL Apr-Jun net profit grows 7 pc to Rs 79 cr

Jindal Stainless (Hisar) Ltd (JSHL) today said its standalone net profit grew by 6.73 per cent to Rs 79.39 crore during the quarter ended on June 30, 2018.

The company had posted Rs 74.38 crore net profit during the same period a year ago, the stainless steel maker said in a BSE filing.

However, its total income during April-June period of the ongoing fiscal fell to Rs 2,157.70 crore from Rs 2,438.27 crore in year-ago-period.

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JSHL's expenses during the said period were also lower at Rs 2,035.15 crore as against Rs 2,327.32 crore in April-June 2017-18.

In a separate statement, the company said its performance remained steady in spite of a traditionally weak quarter.

The demand for stainless steel flat products grew in all segments including railways, automobiles and infrastructure, coupled with a moderate enhancement in market size, it said.

"Overall JSHL's key financial and operational performance remained steady in the first quarter. Despite a steep increase in nickel and electrode prices, we were able to report healthy margins owing to our focus on specialty products. The company's continued focus on specialty products will assist us in maintaining healthy margins going forward," Managing Director (MD) Abhyuday Jindal said in the statement.

JSHL is the largest specialty stainless steel producer in India with a diversified value added product portfolio. Its stainless steel plant at Hisar, Haryana has a total melting capacity of 0.8 million tonnes per annum (MTPA).

Shares of the company today ended 1.44 per cent up at Rs 134.30 apiece on BSE.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)