Jindal Stainless Ltd Q4 net profit falls to Rs 716 crore

New Delhi: Jindal Stainless Ltd (JSL) on Wednesday posted a nearly 20 per cent decline in consolidated net profit to Rs 716.29 crore for the March quarter due to higher expenses.

The company had clocked a net profit of Rs 894.93 crore during the January-March quarter of FY2021-22, JSL said in a regulatory filing.

The company's total income during the fourth quarter fell to Rs 9,803.01 crore from Rs 9,752.11 crore in the year-ago period.

Total expenses rose to Rs 8,885.45 crore as against Rs 8,579.12 crore.

The company's board has approved a dividend of Rs 1.50 per equity share of face value Rs 2 each for the financial year ended March 31, 2023.

With revocation of export duty, the company ramped up export sales in Q4 FY23 and consequently delivered the highest-ever quarterly sales volume of 5,07,632 tonne, JSL said in a statement.

Net debt in 2022-23 stood at Rs 2,591 crore.

"With the completion of the merger of JSHL into JSL, capacity expansion and diversification acquisition, the last financial year has been historic for JSL. We are constantly working on being more agile and adaptable to dynamic market conditions and customer requirements," JSL Managing Director Abhyuday Jindal said.