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Jindal Stainless Limited has reported a ₹36.44 crore loss for the second quarter of financial year 2018-19. The company had reported a profit of ₹27.30 crore in the corresponding quarter of last fiscal.
The reported loss is despite a reported tax gain of ₹15.27 crore in the quarter under consideration. Jindal Stainless has also reported a ₹53.16 crore exceptional loss during this quarter.
Total income for the quarter under review stood at ₹3,089 crore (₹2,622 crore).
A company statement said, “Exceptional loss of ₹53 crore, primarily on account on mark-to-market forex loss, resulted in a net loss of ₹36 crore in the second quarter of financial year 2018-19. Production volume dipped from 0.26 million tonnes to 0.2 million as a result of planned maintenance shut-down.”
The company said that it is has become eligible to exit from the Corporate Debt Restructuring Scheme (CDR) by the end of this fiscal. Analysts feel that the accounting of recompense liability to lenders may be a precursor to the company coming out of the CDR.
“Our Q2 results are a reflection of the cyclical nature of core sector, including its determinants such as input prices and forex volatility. Our focus is to increase the annual production by 15 per cent in the next two years to cater to the growing needs of domestic markets,” Abhyuday Jindal, Managing Director, JSL, said.
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