Jindal Stainless Ltd suffered net loss of Rs 66 cr for Q4FY20
New Delhi: Jindal Stainless Ltd suffered consolidated net loss of Rs 66 crore for the fourth ended 31 March 2020 as against a net profit of Rs 34.20 crore in the same quarter of the previous fiscal.
The consolidated revenue from operation of the company went down by around 13 percent to Rs 3094 crore for the fourth quarter ended 31 March 2020 as compared to Rs 3547 crore in the same quarter of the previous fiscal.
For the entire fiscal 2019-20, the consolidated net profit of the company went down by half to Rs 72 crore as against Rs 143.11 crore in the previous fiscal.
For the entire fiscal 2019-20, the consolidated revenues from operations of the company went down by half to Rs 12950 crore as against Rs 13557 crore in the previous fiscal, the company said in a regulatory filing.
Jindal Stainless registered its highest ever production at 973,995 MT in fiscal 2019-20, the company said in statement.
The company claimed that the overall import of stainless steel imports from Indonesia jumped more than three-fold from 75,187 MT in fiscal 2018-19 to 2,60,881 MT in fiscal 2019-20. This led to severe impact on pricing in the Indian market. To counter the rising imports, Jindal Stainless expanded its exports to 188,679 MT in fiscal 2019-20, up by 21 percent as compared to the previous fiscal.