Jindal Stainless Ltd.'s consolidated net profit rose 21% in the first quarter of this financial year.
It has posted a consolidated profit of Rs 714.16 crore in quarter ended June in comparison to profit of Rs 590.99 crore in the same quarter of the previous fiscal, according to its stock exchange notification on Wednesday.
Jindal Stainless Q1 Highlights (Consolidated, QoQ)
Revenue flat at Rs 10,207.14 crore.
Net Profit up 21% to Rs 714.16 crore versus Rs 590.99 crore.
Ebitda up 23% to Rs 1,309.80 crore versus Rs 1,060.88 crore.
Margin at 12.8% versus 10.4%.
The company posted an 8.3% year-on-year rise in sales volume at 6,26,252 tonnes. The rise in sales and profit were on the back of steady growth in the domestic market, supported by demand in key sectors, such as automotive, metro, white goods, and lifts and elevators on a quarter-on-quarter basis.
The company also added that despite the global uncertainty, the company was able to maintain the export sales volume. The consolidated net debt was at Rs 3,869 crore during the end of June quarter, while the net debt-to-equity ratio was at 0.2x.
Share Price
The quarterly earnings were shared aftermarket hours. The stock settled 1.5% higher at Rs 734 apiece on the NSE, compared to a 0.31% decline in the benchmark Nifty 50.
Jindal Stainless' shares have risen 11.24% in the last 12 months and 4.98% year-to-date.
Out of 14 analysts tracking the company, 13 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target of Rs 738.33 implies an upside of 0.6%.
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