By Jindal Stainless Ltd (JSL) has announced a significant surge in its consolidated net profit for the third quarter, reaching Rs 691.22 crore, marking a 35% increase. This growth was attributed to reduced expenses during the period.
Financial Performance
During the October-December quarter of the preceding fiscal year 2022-23, the company recorded a net profit of Rs 512.62 crore. However, in the same quarter of the current fiscal year, JSL witnessed a notable improvement in its total income, which stood at Rs 9,166.42 crore compared to Rs 9,101.24 crore in the year-ago quarter.
Expense Management
Jindal Stainless effectively managed its expenses during the period under review, with costs reduced to Rs 8,262.66 crore from Rs 8,451.20 crore in the corresponding period last year.
Leadership Transition
In addition to its financial performance, JSL announced the elevation of Tarun Kumar Khulbe, the Whole-time Director, as its CEO effective from January 1, 2024. This strategic move aims to strengthen the company’s leadership team and drive future growth initiatives.
Strategic Approvals and Divestments
The company’s board also approved strategic decisions concerning acquisitions and divestments. JSL received in-principal approval for acquiring up to 100% stake in Iberjindal S.L., a subsidiary based in Spain. Furthermore, the board authorized a subcommittee to negotiate the purchase price for this acquisition.
Additionally, the board approved the divestment of up to 26% equity stake held in Jindal Coke Ltd, an associate company, which boasts a net worth of Rs 582 crore. These strategic maneuvers align with JSL’s broader objectives and underscore its commitment to optimizing its portfolio and maximizing shareholder value.
