Shrinking margins dent Jindal Stainless profit by 28% to Rs 314 crore in Q3

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Jindal Stainless has registered a 28 percent decline in consolidated profit at Rs 314.3 crore for the December FY23 quarter over the year-ago period dragged by shrinking operating profit margin.

Consolidated revenue from operations for the quarter at Rs 6,350 crore grew by 12 percent over the last year, the company said in its filing with the exchanges on January 23.

The operating performance was largely hit by a sharp increase in raw material cost, power and fuel cost and other expenses for the quarter. EBITDA (earnings before interest, tax, depreciation and amortisation) plunged by 34 percent to Rs 525 crore and margin dropped by nearly 6 percentage points to 8.3 percent for the quarter in review.

Jindal Stainless said raw material cost for the quarter at Rs 5,317.4 crore was up 22 percent over the corresponding period last fiscal, while the power and fuel cost surged 40 percent on-year to Rs 281 crore during the quarter.

The company has appointed Anurag Mantri as an executive director and group CFO for five straight years from January 23, while Shruti Shrivastava is appointed as a non-executive independent director of the company for three years.

The stock price traded higher by nine-tenth of a percent at Rs 258 on the BSE at 3:12pm on Monday.