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Jindal Stainless posts  ₹86.5 cr net loss in Q1
Jindal Stainless posts 86.5 cr net loss in Q1

Jindal Stainless posts 86.5 cr net loss in Q1

Jindal Stainless Ltd posted a net loss of 86.50 crore during the quarter ended June 30, mainly on account of reduced income

Jindal Stainless Ltd (JSL) on Tuesday posted a net loss of 86.50 crore during the quarter ended June 30, mainly on account of reduced income.

The company had reported a net profit of 66.83 crore during the same quarter a year ago, JSL said in a BSE filing.

During April-June, the company's total income plunged to 1,271.75 crore from 3,076.43 crore in the year-ago quarter.

Total expenses during the period under review stood at 1,410.04 crore as against 2,995.61 crore a year ago.

JSL recorded a loss primarily on account of COVID-19 pandemic-induced business environment, it said in a statement.

With the gradual easing of nationwide lockdown in May-June, JSL's operations have been inching towards normalcy, it said.

"Domestic stainless steel industry was no exception to the slowdown caused by COVID-19. For JSL too, it was an unprecedented quarter, with operations completely suspended in April," JSL Managing Director Abhyuday Jindal was quoted as saying in the statement.

The company has undertaken several business, operational, and strategic initiatives to minimize the impact of the pandemic, and hopes to recover by the end of September with improved business sentiments, he added.

This story has been published from a wire agency feed without modifications to the text.

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