<p>Jindal Stainless Ltd (JSL) on Thursday reported manifold jump in consolidated net profit to Rs 170.20 crore for the quarter ended December 31, 2020, mainly on account of increased income.</p>.<p>The country's largest stainless steel maker had clocked a net profit of Rs 51.68 crore during the same quarter a year ago, JSL said in a statement.</p>.<p>Total income stood at Rs 3,592.04 crore, higher from Rs 3,312.44 crore in the year-ago quarter. Expenses were at Rs 3,332.99 crore in the quarter under review as compared to Rs 3,255.34 crore in the year-ago period.</p>.<p>In a separate statement, the company said the third quarter witnessed a healthy revival in end-user segments like automotive, pipes and tubes, and industrial fabrication, and JSL was able to capitalize on the demand growth in the two-wheeler and passenger vehicle segments.</p>.<p>On the proposals made with respect to infrastructure sector in the Budget, JSL said the announcement of a temporary suspension of Countervailing Duty (CVD) on certain steel products is expected to have "an adverse impact on the domestic industry.</p>.<p>"In her Budget speech for 2021-22 on Monday, Finance Minister Nirmala Sitharaman announced slashing of import duties on a number of steel items, besides revoking the anti-dumping duty and CVD on certain steel products.</p>.<p>"The announcement for suspension of trade remedial measures will allow free flow of subsidized stainless steel products in the Indian market, which is a big setback for the domestic industry, which is already operating at 60 per cent of its capacity.</p>.<p>"This move will not only turn many MSME manufacturers into traders, but will also hamper further investments and employment generation," JSL Managing Director Abhyuday Jindal said.</p>
<p>Jindal Stainless Ltd (JSL) on Thursday reported manifold jump in consolidated net profit to Rs 170.20 crore for the quarter ended December 31, 2020, mainly on account of increased income.</p>.<p>The country's largest stainless steel maker had clocked a net profit of Rs 51.68 crore during the same quarter a year ago, JSL said in a statement.</p>.<p>Total income stood at Rs 3,592.04 crore, higher from Rs 3,312.44 crore in the year-ago quarter. Expenses were at Rs 3,332.99 crore in the quarter under review as compared to Rs 3,255.34 crore in the year-ago period.</p>.<p>In a separate statement, the company said the third quarter witnessed a healthy revival in end-user segments like automotive, pipes and tubes, and industrial fabrication, and JSL was able to capitalize on the demand growth in the two-wheeler and passenger vehicle segments.</p>.<p>On the proposals made with respect to infrastructure sector in the Budget, JSL said the announcement of a temporary suspension of Countervailing Duty (CVD) on certain steel products is expected to have "an adverse impact on the domestic industry.</p>.<p>"In her Budget speech for 2021-22 on Monday, Finance Minister Nirmala Sitharaman announced slashing of import duties on a number of steel items, besides revoking the anti-dumping duty and CVD on certain steel products.</p>.<p>"The announcement for suspension of trade remedial measures will allow free flow of subsidized stainless steel products in the Indian market, which is a big setback for the domestic industry, which is already operating at 60 per cent of its capacity.</p>.<p>"This move will not only turn many MSME manufacturers into traders, but will also hamper further investments and employment generation," JSL Managing Director Abhyuday Jindal said.</p>