Additionally, JSHL s short-term credit facilities were assigned IND
A/RWE/INDA1 by the agency.
This rating factors in a string of positive developments at JSHL
in the last few months, despite pandemic-induced disruptions.
Ind-Ra has placed the
Company s long-term rating on RWE (Rating Watch Evolving), owing to the proposed merger between JSHL and Jindal Stainless (JSL) that is being monitored by the agency.
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Wipro appoints Michael Seiger as the Country Head for Germany and Austria. Torrent Pharma recorded a higher consolidated profit at Rs297cr in Q3FY21 against Rs251cr in Q3FY20; revenue increased to Rs1,995cr from Rs1,966cr yoy. NMDC registered sharply higher profit at Rs2,108cr in Q3FY21 against Rs1,375cr in Q3FY20, and revenue jumped to Rs4,355.1cr from Rs3,006.4cr yoy. Jindal Stainless (Hisar) Dec 2020 quarter: PAT and EBITDA of the company stood at Rs190cr and Consistent focus on deleveraging helped bring down the finance cost by 23% over CPLY. Tata Steel will announce its quarterly financial results on Tuesday.
Post the merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited, the company has chalked out a capex plan to cash on the strong demand visibility in the domestic market. “We have a capex plan of Rs 2,000-3,000 crore for the next 2-3 year as we look to double the capacity at our Odisha plant. The entire capex will be funded via internal accruals,” Abhyuday Jindal, managing director of Jindal Stainless told Business Standard. Currently, Jindal Stainless Odisha plant has a capacity of 1.1 million tonne, while its Hisar plant is a 0.8 million tonne specialised product division. “For the last few years, we focused on improving our supply chain. It was becoming difficult to play on cost in the last few years due to cheap imports hitting the market, so we had to focus on logistics, last mile delivery and other supply chain parts. But now it is the right time to look at capacity expansion since demand is up,” said Jindal.
Jindal Stainless (Hisar) Limited announces Financial Results for the Quarter ended December 31, 2020
Posted On: 2021-02-08 05:19:40 (Time Zone: Arizona, USA)
Jindal Stainless (Hisar) Limited (JSHL) today approved its Q3FY21 financial results. The quarter witnessed a steady economic recovery that led to higher stainless steel demand. JSHL s sales volume stood at 191,272 tonnes, registering an increase of 22% over the corresponding period last year (CPLY). Profit After Tax (PAT) and EBITDA of the company stood at INR 190 crores and INR 351 crores, respectively. Consistent focus on deleveraging helped bring down the finance cost by 23% over CPLY.
A quick normalisation in supply chain post the peak-COVID period, uptick in demand from rural and urban centres, and renewed efforts by the industry helped in reviving the stainless steel demand in a short span. During Q3FY21, strong demand was registered in the auto, pipe & tube, metro rail, and railway wagon segments. Moreover, sale
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