Jindal Stainless Q2 Results: PAT up 2% at Rs 589 crore, sees tailwinds in domestic market

Jindal Stainless on Thursday reported revenue of Rs 9,746 crore for the July-September period, up 1.68% quarter-on-quarter amid dumping of products from China and Vietnam.

Profit after tax was Rs 589 crore, up nearly 2% quarter-on-quarter.

“We have not pushed sales in the domestic market because margins would get affected in product segments where we are seeing dumping from China and Vietnam,” managing director Abhyuday Jindal said on an earnings call.

The company said the domestic market was looking up and would provide tailwinds for the stainless steel sector.

“We are bullish on the domestic market. Auto sales are doing better this Diwali compared to last year. White good sales are picking up. New-age industries are picking up,” Jindal said.

Demand is expected from national projects such as safe and light trains, roads and bridges in coastal areas and other infrastructure, as well as water and ethanol related programmes where stainless steel is being used.The company also said that exports to traditional markets such as the US and Europe suffered in the second quarter of this financial year due to high freight costs resulting from global geopolitical issues.

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