Jindal Stainless Ltd (JSL) on Tuesday posted a net loss of Rs 86.50 crore during the quarter ended June 30, mainly on account of reduced income. The company had reported a net profit of Rs 66.83 crore during the same quarter a year ago, JSL said in a BSE filing.

During April-June, the company’s total income plunged to Rs 1,271.75 crore from Rs 3,076.43 crore in the year-ago quarter. Total expenses during the period under review stood at Rs 1,410.04 crore as against Rs 2,995.61 crore a year ago.

JSL recorded a loss primarily on account of COVID-19 pandemic-induced business environment, it said in a statement. With the gradual easing of nationwide lockdown in May-June, JSL’s operations have been inching towards normalcy, it said.

”Domestic stainless steel industry was no exception to the slowdown caused by COVID-19. For JSL too, it was an unprecedented quarter, with operations completely suspended in April,” JSL Managing Director Abhyuday Jindal was quoted as saying in the statement. The company has undertaken several business, operational, and strategic initiatives to minimise the impact of the pandemic, and hopes to recover by the end of September with improved business sentiments, he added.