Net Revenue in FY19 also plunged by 3 percent as the figures for the financial year that ended on March 31 stood at Rs 8,956 crore in comparison to Rs 9,259 crores in FY2017-18.
JSHL says global trade sentiments impacted performance
During FY19, weakened global trade sentiments influenced by rising trade tensions among US and China and volatility in commodity prices impacted the overall performance. Profitability was further impacted on account of sharp jump (2.5x y-o-y) in graphite electrode prices.
JSHL improved performance in Q4
The company registered an increase of 6 percent in its net revenue for the sequential quarter, up from Rs 2,333 in Q3FY19 to Rs 2,361 in Q4FY19. EBIDTA and PAT in Q4FY19 stood at Rs 217 crore and Rs 66 crore, growing by 8 percent and 19 percent respectively.
MD asks govt to safeguard interests of domestic steel industry
Managing Director, JSHL, Abhyuday Jindal said, “JSHL is India’s only producer of specialized grades of stainless steel products. These offerings, coupled with augmented domestic stainless steel demand, helped the company maintain its revenue despite challenging macroeconomic situations. The misuse of existing free trade agreements has not only placed domestic industries under competitive disadvantage, but has also widened India’s trade deficit… We seek immediate support from the government to safeguard the interests of domestic stainless steel industry, and to prevent India from becoming a dumping ground for substandard and heavily subsidized imports.”
JSLL FY19 performance
Jindal Stainless Lifestyle Limited (JSLL) put up a good growth performance in line with the company’s strategy to grow end-consumer facing business. Arttd’inox, the flagship brand of JSLL for aesthetic and high-end residential solutions, launched several new designs in stainless steel tableware & home décor products range. PAT posted by JSLL more than doubled to Rs 49 crore in FY19 as compared to Rs 22 crore in FY18. The net revenue for JSLL rose by 27%, up from Rs 356 crore in FY18 to Rs 453 crore in FY19.
As the service centre arm for JSHL, JSSL kept its promise of offering value-added, convenient, customized, just-in-time services to the doorsteps of its customers. JSSL’s revenue in FY19 stood at Rs 1,560 crore, exhibiting a growth of 9% over FY18. PAT was registered at Rs 20 crore in FY19.