Jindal Stainless Ltd Faces Profit Decline Amid Rising Costs

Jindal Stainless Ltd reported a 20% drop in net profit for the quarter ended September 2024 due to higher input costs. The company's total income slightly decreased, while expenses rose significantly, driven by increased material costs. Jindal remains India's largest stainless steel producer.

Jindal Stainless Ltd, India's largest stainless steel producer, reported a 20 percent decrease in consolidated net profit for the quarter ending September 2024, amounting to Rs 609.42 crore.

This drop was attributed to rising input costs, although the company had recorded a net profit of Rs 764.03 crore during the same period in the previous fiscal year.

The total income slightly decreased to Rs 9,823.88 crore, whereas expenses climbed from Rs 8,944.04 crore to Rs 8,989.83 crore, primarily due to increased material consumption costs, which surged to Rs 6,759.95 crore.

(With inputs from agencies.)