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.
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.
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.
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.
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.
"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.
"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.
"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.
Published 04 February 2021, 15:16 IST