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Jindal Stainless posts Rs 22 cr loss in Q4

New Delhi, Jun 6 (PTI) Jindal Stainless Ltd (JSL) on Saturday posted a standalone loss of Rs 22 crore during the quarter ended March 31.

The company had reported a net profit of Rs 32 crore in the year-ago period, JSL said in a BSE filing.

During January-March quarter, the company's total income also fell to Rs 2,914 crore from Rs 3,260 crore a year ago.

Total expenses during the quarter stood at Rs 2,904 crore as against Rs 3,202 crore in the same period previous fiscal year.

For the full 2019-20 fiscal, the company recorded Rs 153 crore net profit as compared to Rs 139 crore in the preceding fiscal, a rise of 10 per cent.

In a statement, the company said its revenue in financial year 2019-20 remained almost flat at Rs 12,320 crore.

The sales volume in 2019-20 stood at 9,15,900 tonne, rising by 7 per cent, while the stainless steel production was at 9,73,995 tonne in the fiscal ended March 31, 2020.

JSL Managing Director Abhyuday Jindal said “ the last quarter of the (2019-20) fiscal, we witnessed erosion in margins. Going forward, we are turning our focus on growing markets, such as the two-wheeler and healthcare industries.' JSL is the country's largest stainless steel manufacturer. Its plant in Jajpur, Odisha has an annual capacity of 1.1 million tonnes (MT). PTI ABI SHW SHW