Indian JSHL’s net profit drops in Q2, domestic stainless steel industry impacted by export tariffs & decreased raw material prices
Time:Wed, 16 Nov 2022 07:55:46 +0800
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Due to the export tariffs imposed by the Indian government in May this year, the domestic stainless steel industry was significantly impacted. Jindal Stainless (Hisar) Limited (JSHL), the largest stainless steel manufacturer in India, reported that its net profit dropped by 49% year on year to INR 2.53 billion in the second quarter of the fiscal year 2022-23. Meanwhile, the company’s total earnings hiked by 5% year on year to INR 39.57 billion.
JSHL said that the second-quarter price decline of raw materials, including nickel and ferrochrome, has affected the realization and profitability of Indian stainless steel manufacturers.
