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Jindal Stainless plans to increase sales volume by 20% to 2.5 million tonnes (MT) in the current fiscal year, investing over ₹5,000 crore in capital expenditure. The country's largest stainless steel production sold 2.17 MT of stainless steel in 2023-24 (April-March), a 23% increase over the company's projection of 20% for the year.
Earlier this month, the business announced capacity expansion at its downstream operation, buying a majority stake in a steel company and a joint venture for a steel melting facility in Indonesia, which will cost ₹5,400 crore over three years.
In FY25, the company plans to spend ₹4,700 crore on capex, of which ₹800 crore is a spillover from the previous year. The company will also spend an additional ₹500 crore on sustenance and maintenance capex, group chief financial officer Anurag Mantri said on a call post the company’s earnings.
Most of the capex this year will be spent on funding the buyout, and the company will meet most of its requirements through internal accruals, he said. Jindal Stainless spent ₹3,000 crore on capex in FY24. The company has also guided its operating profit to be between ₹18,000 and 20,000 per tonne this year, as against ₹18,558 last year. Exports are seen at 10-15% for the year, as against 13% earlier.
“We are seeing a recovery in certain segments of Europe, while recovery in the US is taking longer,” managing director Abhyuday Jindal said. While these two regions are the largest export markets for the company, they are also exporting to South America, Mexico and the Middle East, he said.
Jindal Stainless reported its earnings for the March quarter on Wednesday, and its consolidated net profit slumped 30% on the year to ₹501 crore. Consolidated net revenue fell 3% on year to ₹9,454 crore, while the operating profit fell 10% on year to ₹1,035 crore. Management said an inventory loss for nickel, a key raw material, and the company's inability to pass on higher freight costs to customers impacted earnings for the quarter.
For the full year, though, the company reported a 29% growth in profit at ₹2,693 crore as sales grew 8% on year to ₹38,562 crore. Jindal Stainless has also announced a final dividend of ₹2 per share. It announced earnings after market hours, and its shares closed at ₹682.85 on the NSE, down over 4% from the previous close.
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