“JSL’s This fall FY20 witnessed a decline in progress on all accounts, largely attributable to muted financial sentiments given the COVID-19 outbreak,” stated the corporate in an announcement on Saturday.
A steadily falling nickel price throughout This fall over Q3 negatively impacted stock valuation, which additional affected profitability, it added.
Sales quantity noticed a decline of two% over final yr and stood at 2,21,179 million tonnes in Q4FY20. Earnings earlier than curiosity tax depreciation and amortization declined 20% YoY to Rs 241 crore.
“As GDP growth slowed down in the last quarter of the fiscal, we witnessed erosion in margins. Going forward, we are turning our focus on growing markets, such as the two-wheeler and healthcare industries,” stated Jindal Stainless managing director, Abhyuday Jindal.
The income of the corporate in FY19-20 remained flat at Rs 12,320 crore. Sales quantity in FY19-20 stood at 915,900 MT, rising by 7% YoY.
The firm recorded a stainless steel production of 973,995 MT in FY20.
As per the corporate, stainless-steel imports from Indonesia greater than trebled from 75,187 MT in FY18-19 to 2,60,881 MT in FY19-20, severely impacting pricing within the Indian market, and exerting strain on margins.
“To counter imports and diversify markets, the company grew its exports to 188,679 MT during FY19-20, up by 21% YoY,” stated the corporate.
“The expected alienation of Chinese goods in the global markets may provide demand impetus to the domestic stainless steel industry,” it stated.
During FY19-20, JSL knowledgeable BSE that it has obtained all requisite approvals from authorities and has exited the company debt restructuring (CDR) framework.
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