Title: Jindal Stainless reports 61% fall in Q3 profit
Jindal Stainless reported a fall of 61% in net profit at Rs 52 crore (including a one time gain of Rs 75 crore) for the quarter ending December 31, 2018 owing to rising input costs and soft demand during the quarter , the company announced on Wednesday.
While revenue from operations increased by 5% at Rs 3,135 crore, EBITDA suffered a decline of 41% at Rs 228 crore on a year on year basis, due to falling nickel prices leading to losses on account of inventory. Nickel prices were on rise in the same period last year.
The company reported a one time gain of Rs 75 crore mainly from foreign exchange.
The company also saw exports fall to 19% of overall sales volume as against 28% last year due to "uncertainties around trade sanctions quota system developed by US and Europe respectively". Exports are "gradually" expected to pick up good forward.