India’s Jindalai’s second-quarter profit after tax fell 49%
According to comprehensive foreign media news on November 5, 2022, India’s Jindalai’s second-quarter profit after tax fell 49% to 253 crore rupees, and its total revenue increased from 3,772 crore rupees in the same period last year to 3,957 crore rupees.
India’s stainless steel industry has suffered setbacks due to the export tax imposed by the government in May, said Abhyuday Jindal, managing director of India Jindal. Its profit after tax fell 49% year-on-year to Rs 253 crore in the second quarter that ended September 30.
India’s Jindalai said in a statement that its profit after tax (PAT) for the same period in 2021-22 was Rs 498.58 crore. Its total revenue rose to Rs 3,957 crore from Rs 3,772 crore a year earlier.
“In the second quarter, raw material prices were on a downward trend, with nickel prices down 24% q-o-q and ferrochromium prices down 18% q-o-q. This affected the realization and profitability of domestic manufacturers, including JSHL.”
the statement said.
Abhyuday Jindal, managing director of JSHL, said the Indian stainless steel industry has suffered setbacks due to the export tax imposed by the government in May.
The tariffs come as the domestic market is being dumped by substandard stainless imports from China and Indonesia. He said the industry had made several presentations to the government and wanted remedial measures to support struggling domestic businesses.
On May 21, the government raised tariffs on iron ore exports by 50 percent and 15 percent on some steel middlemen.