India’s Jindal Stainless Hisar Limited (JSHL) has reported a net profit of INR 3.58 billion ($44.92 million) in the first quarter (April-June) of fiscal year 2022-23, a decline of 14 percent year on year, a company statement said on Friday, July 29.
The company reported total income of INR 34.82 billion ($436 million) during the quarter, up 24 percent year on year.
“The first quarter posed various unforeseen macroeconomic challenges that impacted the overall sales volumes for the Indian stainless steel industry. The imposition of a 15 percent export duty by the government further aggravated the domestic market which is marred by unwarranted imports. Despite the challenges, JSHL catered to the demand from key sectors in the country,” company managing director Abhyuday Jindal said.
$1 = INR 79.80