Jindal Stainless posts Rs 306-cr PAT in Q1FY22

By: |
July 27, 2021 8:28 AM

JSL said of the total capex, Rs 530 crore will be spent on doubling steel smelting capacity to 2.1 million tonne per annum (mtpa) at Jajpur in Odisha by Q3 of the next fiscal.

Jindal StainlessAn additional Rs 315 crore will be spent on expansion of ferro chrome production capacity by 1.4 times to 0.35 mtpa.

Jindal Stainless (JSL) on Monday reported Rs 306-crore profit after tax (PAT) on consolidated basis for the first quarter of the current fiscal compared with a net loss of Rs 124 crore in the same period last fiscal.

Revenues rose 193% to Rs 4,033 crore from Rs 1,376 crore in the same quarter last fiscal. The company said it would spend Rs 2,150 crore on brownfield expansion in the next two years.

JSL said of the total capex, Rs 530 crore will be spent on doubling steel smelting capacity to 2.1 million tonne per annum (mtpa) at Jajpur in Odisha by Q3 of the next fiscal. Another Rs 1,250 crore will be spent on enhancement of downstream capacities. An additional Rs 315 crore will be spent on expansion of ferro chrome production capacity by 1.4 times to 0.35 mtpa.

“Our plan for the near future is unleashed today; we are going to double our melt capacity in next 18 months. The expansion will strengthen our ability to serve domestic and international customers across different market segments,” JSL MD Abhyuday Jindal said.

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