The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago.
JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago.
In a separate statement, JSL Managing Director Abhy per cuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors."
"As we wait for the
Chinese imports have increased by nearly 55% year-on-year, which highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market, the MD said.
The industry expects the government to take notice of the continuously increasing imports from China, which is hurting the sector, especially the MSMEs and as well the government's vision of an Atmanirbhar Bharat, he added.
During the September quarter, the company's earnings before interest, taxes, depreciation, and amortisation was at Rs 1,231 crore, up by 80% y-o-y.
"The board also approved the proposal to explore the option for selling/liquidating/divesting equity stake in its subsidiary, PT Jindal Stainless, Indonesia (PTJSI), at Gresik, Indonesia," the statement said.
"The decision was taken in the wake of unfavourable market conditions in Indonesia due to the lack of a level-playing field and competition with Chinese products," it said.
Most of the Indonesian market is dominated by Chinese players, and therefore, major markets such as the US and the EU have levied severe trade protection measures on exports of stainless steel products from Indonesia.
The Board of Directors also approved an interim dividend Re 1 per equity share (face value of Rs 2 each) for FY24.
The record date for determining the entitlement of shareholders has been set as October 28.
The dividend shall be paid on or before November 17, the company said, adding that the aggregate payout will be nearly Rs 82.34 crore.
The sales volume for the second quarter stood at 543,619 metric tonnes, up by nearly 26% y-o-y, owing to robust domestic demand.
Ahead of the upcoming festive season, the company's sales in the auto segment -- besides other consumer-facing segments -- witnessed an uptick, the statement said.