JSL consolidated net profit dips 19%

JSL Stainless reported 19 per cent dip in consolidated net profit at Rs 319 crore in FY11.

JSL Stainless today reported 19 per cent dip in consolidated net profit at Rs 319 crore in FY11 on lower exchange gain,a senior company official said.

Our profit before tax and exceptional item grew by 30 per cent during the fiscal. However,net profit fell by 19 per cent to Rs 319 crore due to lower gain in foreign exchange fluctuations, JSL Stainless Finance Director Arvind Parakh said.

The Ratan Jindal-led firm had clocked a Rs 292 crore forex gain in 2009-10. This came down to just Rs 75 crore impacting the bottomline of the company.

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JSL Stainless net sales in FY11,however,increased by 23 per cent to Rs 7,534 crore against Rs 6,149 crore in FY10.

Of the total Rs 8,016 crore gross sales,Rs 5,990 crore came from the domestic market and the remaining from exports.

JSLs stainless steel sales volume grew by six per cent during the year to 6.4 lakh tonnes over FY10.

JSL expects demand for stainless steel in current fiscal to go up by 13 per cent backed by strong demand from transportation,construction,white goods and infrastructure sectors.

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The demand for stainless steel in India,which consumed 20 lakh tonnes last fiscal,grew by around 10 per cent in the last fiscal. Globally,stainless steel consumption is around 310 lakh tones.