Jindal Stainless Hisar’s sales volume dipped by 69pc to 47,000mt in Q1 (April-June) from the prior year and down by 68pc from the previous quarter. Domestic sales accounted for 87pc while exports contributed 13pc to total sales, according to the company’s operational update. Sales dipped due to nationwide lockdown, supply chain disruptions and production cuts.
Jindal Stainless Hisar’s EBITDA per ton in Q1 was Rs8,373/mt ($113.68/mt), which is 46pc lower than Rs15,610/mt in the prior Q1 and down 28pc from Rs11,668/mt in Q4. The company’s net revenue fell by 65pc to Rs7.43bn in Q1 from the prior year, and it is down 63pc from the prior quarter. Operating profit dipped 83pc to Rs400mn in Q1 from 2019 and fell 77pc from the prior year. The company posted a net loss of Rs500mn against a net profit of Rs840mn in the previous year and Rs940mn in the prior quarter.
Prices of key raw material
Nickel by the end of Q1 was around $12,215/mt from $12,723/mt in the prior quarter. In Q1 2019, nickel prices were around $12,258/mt. Prices of Fe Chrome were around Rs63,875/mt towards the end of Q1 from Rs69,304/mt in the prior year, according to the company.
Jindal Stainless (Hisar) Limited (JSHL) is the largest specialty stainless steel producer in India with a diversified value-added product portfolio. The company operates an integrated stainless-steel plant at Hisar, Haryana. JSHL has a total annual melting capacity of 0.8mn mt.