New Delhi: Jindal Stainless Ltd (JSL) on Wednesday reported 28.7% decline in standalone net profit to Rs114.74 crore for the March quarter on the back of higher expenses.

The company’s standalone net profit was 161.12 crore in the January-March quarter of the previous fiscal, 2016-17, JSL said in a BSE filing. Its total income during the quarter under review grew to ,183.3 crore, from ,481.41 crore in the year-ago-period.

JSL’s total expenses increased to Rs2,983.62 crore, over Rs2,267.03 crore a year ago. However, JSL’s net profit for 2017-18 registered five-fold jump to Rs318.27 crore over Rs58.34 crore in 2016-17.

In a press statement company’s managing director Abhyuday Jindal said that “despite protectionist measures in some parts of the world, we will continue to maintain our stability in exports... Our focus will expand to new application development and further improve our market outreach in FY 19."