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Jindal Stainless Q2 loss at Rs. 69 crore

NEW DELHI: Jindal Stainless Steel, formerly Jindal Stainless, on Thursday reported a net loss of Rs. 68.64 crore for the second quarter ended September 30, 2008. The Naveen Jindal group-owned company had a net profit of Rs. 41.81 crore in the year-ago period.

According to an official statement here, total income declined marginally to Rs. 1,207.21 crore in the quarter under review from Rs. 1,248.93 crore in the same period in the previous fiscal. For the six months ended September 30, 2008, the integrated stainless steel producer reported a net loss of Rs. 40.21 crore, while it had a net profit of Rs. 124.41 crore in the year-ago period. Total sales rose to Rs. 2,907.81 crore from Rs. 2,339.10 crore.

Arvind Parakh, Director (Strategy & Business Development), said: “Although we have a challenge of slowing global economy and depreciating rupee, our domestic market is still expected to grow by 7-8 per cent, providing healthy growth platform for stainless steel demand in India coming from the ABC and infrastructure segment.”

He said the company had initiated measures to maintain its cost competitiveness position, given the strong domestic stainless steel demand and also substantial rupee depreciation, which would make its export realisations better. The company was gearing up to focus on the domestic market through value-added products.

A report "Jindal Stainless Q2 loss at Rs. 69 crore" ("Business" page, October 31, 2008) incorrectly said (in the first paragraph) that the group is a Naveen Jindal owned company. The Special Correspondent says: The company clarifies that it is owned by Ratan Jindal.

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