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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..