Jindal Stainless Q3 net profit rises 35 percent to Rs 691 crore
New Delhi: Jindal Stainless Ltd (JSL) on Thursday reported a 35 per cent rise in its consolidated net profit at Rs 691.22 crore during the December quarter, helped by cutting expenses.
Its net profit during the October-December period of the last 2022-23 financial year stood at Rs 512.62 crore, the company said in a regulatory filing.
The company’s total income also stood at Rs 9,166.42 crore, up from Rs 9,101.24 crore in the year-ago quarter.
Whereas in the period under review, the expenditure declined to Rs 8,262.66 crore, which was Rs 8,451.20 crore a year ago.
The company also announced the promotion of its whole-time director Tarun Kumar Khulbe as CEO with effect from January 1, 2024.
The company’s board approved the acquisition of its Spain-based subsidiary Ibarjindal S.L. In-principle approval has also been given for acquisition of up to 100 percent stake. The Board has delegated its power to negotiate the purchase price to a subcommittee of the Board.
It also approved sale of entire 26 per cent equity stake in associate company Jindal Coke Ltd, which has total assets of Rs 582 crore.
