Jindal Stainless Hisar Ltd (JSHL) May 24 reported 31.75 per cent fall in standalone net profit at Rs 65.59 crore for the quarter ended March 31, 2019. The company's standalone net profit stood at Rs 96.11 crore in the January-March quarter of the preceding fiscal, JSHL said in a BSE filing.
Total standalone income during the quarter rose to Rs 2,385 crore from Rs 2,282.22 crore in the year-ago period.
JSHL's total expenses also grew to Rs 2,301.13 crore from Rs 2,127.84 crore a year ago.
"Producing specialized grades of stainless steel products, coupled with augmented domestic stainless steel demand, helped the company maintain its revenue despite challenging macroeconomic situations," JSHL Managing Director Abhyuday Jindal said in a statement.
Revenue from operations during January-March 2019 was at Rs 2,360.58 crore as against Rs 2,253.74 crore a year ago.
Jindal said the misuse of existing free trade agreements has placed domestic industries under competitive disadvantage and widened India's trade deficit.
Exports from countries like China are already subject to anti-dumping duties from several developed nations, including the US and European countries, leaving India as a "soft target" for excess dumping from China and Indonesia, he said.
"We seek immediate support from the government to safeguard the interests of domestic stainless steel industry, and to prevent India from becoming a dumping ground for substandard and heavily subsidized imports," he added.
Shares of JSHL Friday ended 2.78 per cent higher at Rs 79.40 on the BSE.
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