Jindal Stainless makes profit of Rs 271 crore

Jindal Stainless Limited (JSL) has reported a net profit of Rs 271 crore in the first quarter of the current financial year. The Board of Directors of the company has approved the financial results for the first quarter of the financial year 2021-22.

Sales in the first quarter of FY 2021-22 stood at 2,37,852 tonnes, up 168 per cent over the corresponding period of the previous year. During this period it made a net profit of Rs 271 crore. In the first quarter of the last financial year, the company had a loss of Rs 87 crore due to lockdown and other reasons.

The company boosted its deleveraging strategy and cut its long-term debt (in addition to the debt of group company JSHL) by Rs 210 crore during the quarter under review. The total debt on the company (other than the debt of group company JSHL) stood at Rs 1,445 crore as on June 30, 2021. During the first quarter of FY 2021-22, the interest cost stood at Rs 81 crore, down 38 per cent over the corresponding period of the previous year.