Jindal Stainless (Hisar) Limited (JSHL) has posted a consolidated net profit of Rs 359 crore for the quarter ended June 30, 2021. In the year-ago quarter, the company had clocked a net loss of Rs 94 crore, JSHL said in a regulatory filing on Thursday.

The company said it will also be investing an amount of Rs 450 crore for the expansion of its specialty products division (SPD). The company's total income during the April-June period of the ongoing financial year jumped to Rs 2,804.58 crore, from Rs 877.38 crore a year ago.

Its total expenses were at Rs 2,461.44 crore for the quarter under review, as against Rs 954.84 crore in the corresponding period of the preceding fiscal. In a statement, JSHL said its board of directors has also approved a brownfield expansion plan for the company to leverage its leadership position in specialty products, thereby enhancing its product mix and augmenting market reach.

"The expansion of SPD will further consolidate JSHL's dominance in the specialty stainless steel segment. The expansion will enable us to foray into new and upcoming high-end segments like EVs and aerospace," JSHL Managing Director, Abhyuday Jindal, said. The capacity of the precision strip at its unit in Hisar is planned to be scaled up from the current capacity of 22,000 tonne per annum (TPA) to 60,000 TPA.

It would strengthen the company's presence in segments such as auto, process industry, and oil and petrochemicals, and also cater to niche segments like aerospace and electric vehicles. The estimated capex for this project is Rs 250 crore. Blade steel capacity will go from the current capacity of 14,000 TPA to 24,000 TPA in two phases for Rs 200 crore, the company said.