Jindal Stainless Q3 results: Net profit declines over 5% to ₹654 crore, board approves interim dividend

The fall in net profit comes on the back of increased expenses and subsidised dumping of inferior quality steel products by countries with surplus capacities.

However, the company’s total income for the three months ended December 31, 2024, increased 9.16% to ₹10,006.41 crore, compared to ₹9,166.42 crore in the same period a year earlier (Q3 FY24).

The stainless steel manufacturer’s revenue for Q3 FY25 stood at ₹9,907 crore, jumping 8.5% from ₹9,127 crore last year.

Its expenses increased to ₹9,101.90 crore during the period under review, up 10.16% from ₹8,262.66 crore in Q3 FY24.

Its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) fell 3.1% to ₹1,208 crore from ₹1,246 crore.

“Recent times in the Indian steel and stainless steel industry have been witness to the adverse effects of subsidised dumping of inferior quality products by countries having surplus capacities. With India still being the fastest growing major economy globally, the domestic industry needs immediate government measures to stop dumping of surplus quantities into India, and circumvention of quality norms through several FTA countries,” Abhyuday Jindal, Managing Director of Jindal Stainless commented on the Q3 results.

The company's third-quarter performance in the current fiscal is a “testimony to its overall competitiveness even in the face of rising imports, and our adequacy in meeting domestic demand across all sectors,” he highlighted.

“ A favourable economy backed by bold infrastructure plans, accelerated use of stainless steel in process and greening industries, and a growing need to incorporate life cycle costing as a mandatory criterion for material selection in public procurement – all these factors augur well for continued demand of stainless steel,” Jindal concluded

Board approves interim dividend

The company said its board approved an interim dividend of ₹1 per equity share, with a face value of ₹2 per equity share for the financial year 2024-25.

Jindal Stainless has fixed Saturday, February 8 as the record date for the interim dividend and the payment for the same will be completed on or before Thursday, February 27, 2025.

Jindal Stainless closed in the green at ₹636, up 3.44% on the National Stock Exchange (NSE) on Wednesday, January 29. However, the company announced its Q3 results after market hours.

The company has a total market capitalisation of ₹52,391.75 crore as of January 29, on the NSE.