India’s Jindal Stainless posts 34% net profit rise for Q2 FY 2021-22

India’s Jindal Stainless Limited (JSL) has reported a net profit of INR 3.63 billion ($48.40 million) for the second quarter (July-September) of the fiscal year 2021-22, up 34 percent over the corresponding period of the previous fiscal, a company statement said on Wednesday, October 27. The company reported total revenues during the quarter at INR 48,15 billion ($642 million), up 25 percent year on year. All major end-use segments like the process industry, pipes and tubes, railways & wagons, and metro rails grew during the quarter, keeping stainless steel demand firm. However, automobile segment sales remained weak on account of the long waiting period necessitated by the semiconductor shortage. Despite prevailing logistical challenges due to the container scarcity, JSL maintained a strong operational performance through advance planning and strategic sourcing of raw materials, the company statement said.