Jindal Stainless posts Q2 profit at Rs 27 crore
Kolkata: Jindal Stainless Limited (JSL) has recorded net profit of Rs 27 crore in Q2FY18 as against a net loss of Rs 65 crore of Q2FY17 on higher sales.
The company posted net revenue of Rs 2,608 crore for the quarter ended September 30, 2017, up 36% over the corresponding period last year. Earnings before interest, tax, depreciation, amortization (EBITDA) for the quarter was at Rs 256 crore, showing a year on year (y-oy) increase of 10%.
The company sold 202,447 MT in Q2FY18, a jump of 20% over 168,548 MT sales in the same period last year. Exports constituted about 25% of the total sales during the quarter. The unaudited financial results of Jindal Stainless Limited for the Q2FY18 were approved by its board of directors in New Delhi.
Commenting on the quarterly performance, JSL vice chairman, Abhyuday Jindal said: “With the company making consistent net profits, cash flow position is improving. With increased demand, we have been able to exceed 90% capacity utilization. Efforts are now directed towards achieving sustainability for the next five years. To that end, we are working on enhancing quality, delivery, and brand equity.”
In the first half of the fiscal ended September 30, 2017 (H1FY18), JSL’s net revenue crossed Rs 4,600 crore, posting a y-o-y growth of 18%. Profit after tax for H1FY18 went up to around Rs 69 crore compared to a loss of Rs 143 crore during the same quarter last year.
Let’s block ads! (Why?)
Via:: Economic Times – Stocks