India JSL’s Stainless Steel Production In The 2019/2020 Fiscal Year Hits A Record High, And After-tax Profit Increases By About 10%

According to a separate performance report issued by India Jindal Stainless Steel Co., Ltd. (JSL), its stainless steel output reached a record high of 973,995 million tons for the 2019/2020 fiscal year ending March 31, 2020; stainless steel sales reached 915,900 tons, year-on-year An increase of about 7%; net sales fell by about 2% year-on-year to Rs 1232 billion, gross operating profit (EBITDA) increased by about 3% year-on-year to Rs 11.75 billion, and profit after tax increased by about 10% year-on-year to Rs 1.53 billion.

In the fourth quarter of the 2019/2020 fiscal year (January-March 2020), affected by factors such as the COVID-19 epidemic and the decline in international nickel prices, JSL’s stainless steel sales fell by approximately 2% and 7.6% from the previous month to 221,179 tons. Net sales fell by approximately 11% and 8.7% from the previous quarter to 29.04 billion rupees. Gross operating profit fell by approximately 20% from the previous quarter to 2.41 billion rupees. After-tax profit was from 320 million rupees in the same period last fiscal year and the previous quarter’s 560 million rupees turned into a loss of 220 million rupees.

As a stainless steel pipe fittings supplier in India, JSL said that India’s imports of stainless steel from Indonesia in fiscal year 2019/2020 have more than doubled from 75,187 tons in the previous fiscal year to 260,881 tons, which has seriously affected the price of pipes of Indian market.

In order to cope with imports and diversify the market, JSL strengthened stainless steel exports during the fiscal year, and the number of exports increased by approximately 21% year-on-year to 188,679 million tons. In order to expand its share in the domestic pipe market and enable Indian consumers to use real stainless steel products, the company also launched a co-branding program “Jindal Saathi” in the fiscal year and will continue to promote it in the 2020/2021 fiscal year .