India’s leading stainless steel producer, Jindal Stainless (JIST.NS), reported a 32.6% increase in profit in the second quarter of the year. The company’s consolidated after-tax profit for the period ending September 30 rose to 8.08 billion rupees (approximately $92 million).
This growth was driven by strong domestic demand and lively production activity.
Increased demand, particularly in the construction, transportation, and industrial goods sectors, boosted the company’s sales volumes.Jindal Stainless is also seen as one of the companies that would benefit most if the government were to launch an anti-dumping investigation against cheap steel imports from China, Indonesia, and Vietnam.
Analysts say that with the government continuing its infrastructure investments and the momentum in the manufacturing sector continuing, Jindal Stainless could maintain its strong performance in the coming quarters.
