Jindal Stainless Ltd (JSL) on Wednesday posted a nearly 20 per cent decline in consolidated net profit to Rs 716.29 crore for the March quarter due to higher expenses.
The company had clocked a net profit of Rs 894.93 crore during the January-March quarter of FY2021-22, JSL said in a regulatory filing.
The company’s total income during the fourth quarter fell to Rs 9,803.01 crore from Rs 9,752.11 crore in the year-ago period. Total expenses rose to Rs 8,885.45 crore as against Rs 8,579.12 crore.
The company’s board has approved a dividend of Rs 1.50 per equity share of face value Rs 2 each for the financial year ended March 31, 2023.
With revocation of export duty, the company ramped up export sales in Q4 FY23 and consequently delivered the highest-ever quarterly sales volume of 5,07,632 tonne, JSL said in a statement.
Net debt in 2022-23 stood at Rs 2,591 crore.