Q4 profit: Jindal Stainless reports a 34.6% fall

17 May 2024 CW Team

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.

Technology

29 Jul 2026

AI-Enabled Workflows Lift Profitability and Productivity

Organisations modernising frontline workflows with artificial intelligence, automation and real-time data are reporting stronger financial performance, higher productivity and improved employee engagement, according to a global study by Zebra Technologies and Oxford Economics.The research covered 1,000 senior leaders across retail, manufacturing, transportation and logistics in the US, Mexico, the UK, Germany, India, Japan, Australia and New Zealand.In transportation and logistics, 54 per cent of companies that improved picking and packing operations reported faster operational performance, wh..

Real Estate

29 Jul 2026

India Leads Global AI Readiness but Implementation Lags

Indian companies lead global averages across all eight artificial intelligence readiness indicators tracked by JLL, but only 19 per cent have started making changes to their workplaces, according to the JLL 2026 Future of Work Survey.The study found that 77 per cent of Indian business leaders expect AI to change their office requirements, creating a 58-percentage-point gap between awareness and implementation. The survey covered more than 2,200 CEOs, CFOs and real estate leaders across 21 countries during the first quarter of 2026.Despite concerns over automation, 58 per cent of Indian leaders..

Equipment

29 Jul 2026

Three WOLFF Cranes Build Riyadh Cable-Stayed Bridges

Three WOLFF 180 B luffing jib cranes are supporting the construction of two cable-stayed bridges alongside the existing Wadi Laban Bridge in Riyadh, Saudi Arabia. The project is being developed for the Royal Commission for Riyadh City and executed by the ICRC joint venture comprising IC Ictas and Al Rashid Trading & Contracting Company.The cranes are handling lifting operations including formwork, reinforcement, concrete placement, work platforms, surveying equipment and other construction materials. Each crane is fitted with a 40 m jib, reaches a hook height of 157 m and offers a maximum ..