Q4 profit: Jindal Stainless reports a 34.6% fall
Q4 profit: Jindal Stainless reports a 34.6% fall
Steel

Q4 profit: Jindal Stainless reports a 34.6% fall

On account of lower steel prices and weak international demand, India's Jindal Stainless reported a 34.6% fall in fourth-quarter profit.

The country's biggest stainless steel maker by volumes posted a consolidated net profit of $60 million for the quarter end. Despite robust demand for steel from the construction and automotive sectors of one of the world's fastest-growing economies, manufacturers have been grappling with the impact of declining steel prices.

At the conclusion of the quarter, the nation's largest producer of stainless steel by volume reported a combined net profit of $60 million. In one of the fastest-growing economies in the world, the construction and automotive industries have strong demand for steel, but manufacturers have been struggling with the impact of falling steel prices.

Construction and transport supplier Jindal reported a 3.2% decline in operating revenue to Rs 94.54 billion for the quarter. Important export markets, including the U.S. and Europe, remained poor, despite the fact that sales volumes for the quarter increased 12% year over year due to robust domestic demand.

During the quarter, the Red Sea situation caused a sharp rise in maritime freight and limited container availability, which in turn compressed profits. According to managing director Abhyuday Jindal, the crisis also caused the firm to lose certain clients because of delivery delays. This was stated in a news conference following the results.

The firm reported that while it has observed a resurgence in certain product categories in Europe, the U.S. market has not yet shown signs of recovery. Additionally, the business wants to increase its presence in the Middle East and South America.

The Indian government and the stainless steel manufacturer were also in discussions on the importation of Chinese stainless steel into India. For the fiscal year 2023?2024, the Jindal Stainless Board suggested paying a dividend of two rupees per share. Ahead of the announcement, the manufacturer of stainless steel's shares finished 4% down.

On account of lower steel prices and weak international demand, India's Jindal Stainless reported a 34.6% fall in fourth-quarter profit. The country's biggest stainless steel maker by volumes posted a consolidated net profit of $60 million for the quarter end. Despite robust demand for steel from the construction and automotive sectors of one of the world's fastest-growing economies, manufacturers have been grappling with the impact of declining steel prices. At the conclusion of the quarter, the nation's largest producer of stainless steel by volume reported a combined net profit of $60 million. In one of the fastest-growing economies in the world, the construction and automotive industries have strong demand for steel, but manufacturers have been struggling with the impact of falling steel prices. Construction and transport supplier Jindal reported a 3.2% decline in operating revenue to Rs 94.54 billion for the quarter. Important export markets, including the U.S. and Europe, remained poor, despite the fact that sales volumes for the quarter increased 12% year over year due to robust domestic demand. During the quarter, the Red Sea situation caused a sharp rise in maritime freight and limited container availability, which in turn compressed profits. According to managing director Abhyuday Jindal, the crisis also caused the firm to lose certain clients because of delivery delays. This was stated in a news conference following the results. The firm reported that while it has observed a resurgence in certain product categories in Europe, the U.S. market has not yet shown signs of recovery. Additionally, the business wants to increase its presence in the Middle East and South America. The Indian government and the stainless steel manufacturer were also in discussions on the importation of Chinese stainless steel into India. For the fiscal year 2023?2024, the Jindal Stainless Board suggested paying a dividend of two rupees per share. Ahead of the announcement, the manufacturer of stainless steel's shares finished 4% down.

Next Story
Infrastructure Transport

Vishnu Prakash R Punglia Wins Rs.90.89 Crore Railway Contract

Vishnu Prakash R Punglia Ltd. has announced the receipt of a significant letter of acceptance (LoA) from the Office of DYCE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The contract, valued at ?908.9 million, encompasses a range of infrastructure works between Sadulpur and Churu as part of the Churu-Sadulpur Doubling Project. The project involves extensive earthwork including filling and cutting in formation, blanketing, construction of minor bridges, low-height subways (LHS), foot overbridges (FOB), platforms and platform shelters, as well as S&T structures, cable ducting, and other an..

Next Story
Infrastructure Urban

India and US to Lead Critical Tech Development, Says NSA Ajit Doval

India and the United States must stay at the forefront of developing critical technologies to protect their value systems and strategic interests, National Security Advisor Ajit Doval stated. Doval made these remarks alongside his American counterpart, Jake Sullivan, during the iCET (India-US initiative on Critical and Emerging Technology) industry roundtable hosted by the Confederation of Indian Industry (CII). Doval's comments followed the unveiling of a series of transformative initiatives aimed at deepening India-US cooperation in areas such as artificial intelligence, semiconductors, cri..

Next Story
Infrastructure Energy

NTPC Partners with Macawber Beekay for Green Coal Projects in India

State-owned power giant NTPC has enlisted Macawber Beekay to supply green coal, derived from municipal solid waste (MSW), to reduce carbon emissions in electricity generation, announced the waste-to-energy firm. Macawber Beekay Private Ltd (MBL) revealed in a statement that it has secured three NTPC Green Coal projects located in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). Green coal, a type of charcoal produced through the thermal treatment process of torrefaction in an oxygen-deficient environment, will be manufactured in three new units. These units will treat 9..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram