New Delhi, Nov 14 (PTI) Jindal Stainless Limited (JSL) today posted a standalone net profit of Rs 27.30 crore for the quarter ended on September 30, 2017, on the back of higher sales volume.
The company had incurred a standalone net loss of Rs 65 crore in the July-September quarter a year ago.
"This is the fourth consecutive quarter of net profit for the company which was making losses till Q2 FY17, marking a total turnaround," the country's largest stainless steel maker said.
The company posted a net revenue of Rs 2,608 crore for the quarter under review, up by 36 per cent from Rs 2,078 crore in the corresponding period of last year.
The robust growth in financial results was backed by a 20 per cent jump in sales volume, the company said.
The company sold 2,02,447 MT in Q2 FY18 over 1,68,548 MT sales in same quarter last fiscal. Exports constituted about 25 per cent of the total sales during the quarter.
As on September 30, 2017, the net worth of JSL stood at Rs 2,047 crore.
Jindal Stainless Ltd 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 per cent capacity utilisation. Efforts are now directed towards achieving sustainability for the next 5 years." The company has around 1 million tonne per annum capacity.
Catering to the mass demand arising from architecture, building, construction, automobile, railway and transport sectors will the prime focus of profitable company, Jindal said.
Besides, the focus will be to expand customer base by servicing new markets and niche demands.
"We are determined to enhance its customer experience by meeting specials requirements in width, thickness and finish of stainless steel products," he further said.
JSL also seeks to improve its supply chain efficiency and development of peripheral community by facilitating growth of ancillary industry around its plant location in Jajpur, Odisha, he added. PTI ABI MR .
This is unedited, unformatted feed from the Press Trust of India wire.