Stainless steel maker Jindal Stainless (Hisar) on Thursday posted a 195% rise in consolidated profit after tax to Rs 499 crore for the July-September quarter of the current fiscal, compared to Rs 169 crore in the corresponding quarter last fiscal.
“Strong macro-economic fundamentals of the economy led to a quick recovery during the second quarter and strengthened market demand,” Jindal Stainless (Hisar) managing director Abhyuday Jindal said in a statement.
Buoyed by a 21% rise in sales volume, consolidated revenue for the quarter rose 63% to Rs 3,743 crore. The company said normalisation of demand from all consumer-facing segments led to the rebound in sales volume.
“All end-use segments like pipe & tube, hollowware, white goods along with railways & wagons, and metro rail grew during the quarter. Sales in the auto segment were weak as the semiconductor shortage led to a decline in the production of passenger vehicles,” it said.
Exports accounted for 14% of the total sales volume in the second quarter, as against 7% in the corresponding period last fiscal.