Jindal Stainless Limited (JSL) on Saturday reported Rs 153 crore net profit in FY20 as compared to Rs 139 crore in the preceding fiscal, a rise of 10 per cent. The revenue in financial year 2019-20 remained almost flat at Rs 12,320 crore, JSL said in an exchange filing. The sales volume in 2019-20 stood at 9,15,900 tonne, rising by 7 per cent, while the stainless steel production was at 9,73,995 tonne in the fiscal ended March 31, 2020.
JSL Managing Director Abhyuday Jindal said "...in the last quarter of the (2019-20) fiscal, we witnessed erosion in margins. Going forward, we are turning our focus on growing markets, such as the two-wheeler and healthcare industries."
A steadily falling nickel price during the second and third quarter negatively impacted inventory valuation further affecting the profitability, the company added.
In the quarter ended March 31, JSL posted a standalone loss of Rs 22 crore. The company had reported a net profit of Rs 32 crore in the year-ago period. During the January-March quarter, the company's total income also fell to Rs 2,914 crore from Rs 3,260 crore a year ago.
Total expenses during the quarter stood at Rs 2,904 crore as against Rs 3,202 crore in the same period previous fiscal year.
JSL is the country's largest stainless steel manufacturer. Its plant in Jajpur, Odisha has an annual capacity of 1.1 million tonnes (MT).