Jindal Stainless profit plummets 72 per cent to Rs 32 cr in March quarter

Jindal Stainless Ltd (JSL) Monday said its standalone profit plunged 71.9 per cent to Rs 32.2 crore in the quarter ended March 31.

The company had posted a standalone profit of Rs 114.7 crore year-ago in the same period, JSL said in a filing to the BSE.

The income during the quarter increased to Rs 3,260.10 crore, over Rs 3,183.38 crore a year ago.

In a statement, the company said the consortium of CDR (corporate debt restructuring) lenders has agreed to allow CDR exit for the company with effect from March 31, 2019, subject to requisite approvals from their respective competent authorities.

"The aggregate liability of recompense as on March 31, 2019, was determined at Rs 191 crore as per extant guidelines," it said.

The company made an incremental provision for Rs 57 crore in the fourth quarter of 2018-19, against Rs 27 crore in the third quarter of the same financial year.

"CDR exit will give us more opportunities to consolidate our financial and leadership position. We are now looking forward to an intervention by the Indian government to create a level-playing field for Indian manufacturers. The industry needs government support to compete with rampant dumping by FTA (free-trade agreement) and other countries," Jindal Stainless Managing Director Abhyuday Jindal said.