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Jindal Stainless Ltd (JSL) saw a 16 per cent decline in standalone net profit at ₹659 crore for the quarter ended March 31, 2023. The company had reported a net profit of ₹786 crore in the year-ago period. For the period under review, Jindal Stainless had a net revenue of ₹5,444 crore, a 2 per cent-odd drop against ₹9,596 crore it reported in the year-ago period.
For the full fiscal, net profit saw a 28 per cent decline to ₹2,014 crore while net revenue was up 8 per cent at ₹35,030 crore. Net debt stood at ₹2,591 crore and the net debt-to-equity ratio improved to 0.2, “despite completion of organic capex”, the company said in a statement.
The subsidised and substandard foreign imports continued to distort the level playing field against Indian manufacturers, especially MSME producers, it said, adding that shipments from China and Indonesia saw a steep increase of 318 per cent and 158 per cent, respectively, between FY21 and FY23.
The board also recommended a final dividend of ₹1.50 in FY23. The total dividend payment was ₹2.50 or 125 per cent, per equity share, with a face value of ₹2 each. It also provided an in-principle approval to raise up to ₹5,000 crore or its equivalent in any freely convertible currency.
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