Jindal Stainless Ltd on Thursday (October 19) reported a 74.5 percent year-on-year (YoY) rise in net profit at ₹609.4 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Jindal Stainless posted a net profit of ₹349.2 crore, the company said in a regulatory filing.

In the quarter, Jindel Stainless' total revenue stood at ₹9,720.4 crore during the period under review, up 13.6% against ₹8,556.3 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 54 percent to ₹1,069.8 crore in the second quarter of this fiscal over ₹649.8 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 11% in the reporting quarter as compared to 8.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

India's largest stainless steel maker ’s standalone sales volume for the second quarter of FY24 stood at 543,619 metric tonnes (MT), up by nearly 26% year-on-year, owing to robust domestic demand and the company’s agility in catering to the global markets amidst muted demand.

The net debt for the quarter was recorded at ₹2,149 crore and the net debt-to-equity ratio was maintained at 0.2, which is one of the best in the metal segment. Net debt/EBITDA for the quarter improved to 0.5, Jindal Stainless said.

The board of directors also approved payment of interim dividend at 50% i.e. ₹1 per equity share (face value of ₹2 each) for FY24. The record date for determining the entitlement of members for the purpose of payment has been set as October 28, 2023.

Domestic demand for stainless steel continued to rise. Ahead of the upcoming festive season, the company’s sales in the auto segment – besides other consumer-facing segments – witnessed an uptick, it said.

Jindal Stainless’ indigenously developed heat-resistant, high-strength alloy steel grade was used in the motor casing of the Chandrayaan-3 that reached the lunar surface recently.

The results came after the close of the market hours. Shares of Jindal Stainless Ltd ended at ₹448.30, down by ₹15.35, or 3.31 percent on the BSE.

(Edited by : Ajay Vaishnav)