Jindal Stainless Q3 net profit rises 35% to Rs 691 cr

Jindal Stainless Ltd (JSL) on Thursday posted a 35% rise in its consolidated net profit to Rs 691.22 crore during the December quarter, aided by trimmed expenses. Its net profit was at Rs 512.62 crore during the October-December period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income was also higher at Rs 9,166.42 crore as against Rs 9,101.24 crore in the year-ago quarter.

While expenses reduced to Rs 8,262.66 crore during the period under review, from Rs 8,451.20 crore a year ago.

The company also announced the elevation of its Whole-time Director Tarun Kumar Khulbe as its CEO with effect from January 1, 2024.

The board of the company has also given in-principal approval for the acquisition of up to 100% stake in Iberjindal S.L., a subsidiary company based out in Spain. The board has delegated its power to the subcommittee of the board for negotiating the purchase price.

It also approved to divest up to an entire 26% equity stake held in Jindal Coke Ltd, an associate company, which has a net worth of Rs 582 crore.