New Delhi, Nov 14 (PTI) Jindal Stainless Limited (JSL)today posted a standalone net profit of Rs 27.30 crore for thequarter ended on September 30, 2017, on the back of highersales volume.
The company had incurred a standalone net loss of Rs 65crore in the July-September quarter a year ago.
"This is the fourth consecutive quarter of net profit forthe company which was making losses till Q2 FY17, marking atotal turnaround," the country's largest stainless steel makersaid.
The company posted a net revenue of Rs 2,608 crore forthe quarter under review, up by 36 per cent from Rs 2,078crore in the corresponding period of last year.
The robust growth in financial results was backed by a 20per cent jump in sales volume, the company said.
The company sold 2,02,447 MT in Q2 FY18 over 1,68,548 MTsales in same quarter last fiscal. Exports constituted about25 per cent of the total sales during the quarter.
As on September 30, 2017, the net worth of JSL stood atRs 2,047 crore.
Jindal Stainless Ltd Vice Chairman Abhyuday Jindal said,"With the company making consistent net profits, cash flowposition is improving. With increased demand, we have beenable to exceed 90 per cent capacity utilisation. Efforts arenow directed towards achieving sustainability for the next 5years."The company has around 1 million tonne per annumcapacity.
Catering to the mass demand arising from architecture,building, construction, automobile, railway and transportsectors will the prime focus of profitable company, Jindalsaid.
Besides, the focus will be to expand customer base byservicing new markets and niche demands.
"We are determined to enhance its customer experience bymeeting specials requirements in width, thickness and finishof stainless steel products," he further said.
JSL also seeks to improve its supply chain efficiency anddevelopment of peripheral community by facilitating growth ofancillary industry around its plant location in Jajpur,Odisha, he added. PTI ABIMR.
This is unedited, unformatted feed from the Press Trust of India wire.