Jindal Stainless Q3 profit drops 32% to Rs 298.56 cr due to higher expenses

Jindal Stainless on Monday reported 32.4 per cent drop in consolidated profit at Rs 298.56 crore for the quarter ended December, mainly due to higher expenses.

The company had posted a consolidated profit of Rs 441.78 crore in the year-ago period, Jindal Stainless said in a filing to BSE.

The consolidated revenue from operations of the company in the October-December increased to Rs 6,349.71 crore over Rs 5,670.02 crore in the year-ago period, the filing said.

The consolidated total expenses increased to Rs 5,999.69 crore from Rs 5,059.41 crore.

Jindal Stainless Managing Director Abhyuday Jindal said, "Agility and adaptability to changing market conditions lies at the core of sales and operations planning at Jindal Stainless. This strategy continued to serve us well in the last quarter and helped us align our sales mix with the domestic demand."

"We also undertook focused measures to fulfil our environmental responsibility, including the commitment to power future growth through renewable sources of energy only," he added.