Tag Archive for jindal

After a financial turnaround, Jindal Stainless Ltd gets a rating upgrade

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Jindal Stainless Ltd. (JSL), a leading stainless steel major, has received a rating upgrade from CARE, to ‘BBB-’ from BB+, reflecting Company’s improved profitability, strengthening balance sheet, and sustained operational progress. Commenting on the report, Managing Director of JSL, Mr Abhyuday Jindal said, “We are encouraged by the improvement in our rating. This development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level. The CARE ratings are a reflection of the inner health of the organization.”

Detailing the key drivers for JSL’s improved ratings, the report reads, ‘The Company has reported improvement in operational and financial performance during Q4FY18 with capacity utilization of 99.86% during Q4FY18 as against 90.95% in similar period previous year. The same has resulted in improved total operating income (TOI) and Profit Before Interest, Leasing, Depreciation and Tax (PBILDT), which increased to Rs. 3,183 crore and Rs. 399 crore respectively in Q4FY18, representing a growth of ~37% and ~22% respectively over similar period previous year. During full year FY18, the Company reported healthy growth in income and profitability with TOI of Rs. 10,803 crore and PBILDT of Rs. 1,299 crore, representing a growth of ~30% and ~18% respectively over FY 17. The Company reported healthy gross cash accruals of Rs. 787 crore during FY 18 which was significantly higher than Rs. 397 crore reported in FY 17.’ Read more

Jindal Stainless in talks with Gujarat government for use of stainless steel in transportation

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

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Abhyuday Jindal, Managing Director, Jindal Stainless and Hon'ble Chief Minister of Gujarat Shri Vijay Rupani at the Surat Smart City Conclave at SIECC, Sarsana

Jindal Stainless has made presentation to the Gujarat government for use of stainless steel in public transportation system in order to increase fuel efficiency and improve safety. With its high strength-to-weight ratio and resistance to impact and temperature shocks, stainless steel is an ideal metal for modern transit network and states of Karnataka, Andhra Pradesh, Maharashtra, Goa and Haryana have adopted this smart metal in their State Road Transport Buses with the support of Jindal Stainless. Abhyuday Jindal, Managing Director, Jindal Stainless said during the Smart City Conclave held today at Surat International Exhibition and Convention Centre (SIECC), Sarsana. He further added, “I am also confident that Gujarat will be at the forefront in adopting sustainable solutions like stainless steel, considering its innovative and entrepreneurial approach. Jindal Stainless will be happy to support in this nation building exercise. We look forward to playing an instrumental role in providing India the perfect resource for building smart cities, and eventually, a Smart India.” Read more

Jindal Stainless Ltd FY18 revenue surge by 30%

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Jindal Stainless Limited (JSL) consolidated its financial position by successively posting a profit for the sixth straight quarter. JSL recorded a robust revenue growth of 30% in FY18. Increase in stainless steel demand and improved operational performance led to growth in total revenue in FY18 at Rs 10,785 cr as against Rs 8,311 cr in CPLY (corresponding period last year). The total consolidated FY 18 sales volume touched 778,933 MT, recording a growth of 21% as against 641,333 MT in CPLY. JSL reported a strong growth in PAT at Rs 318 cr in FY18 as against Rs 58 cr in CPLY, registering almost six times increase. EBIDTA was up by 16% at Rs 1,281 cr in FY18. The net worth of the company as on March 31, 2018 stood at Rs 2,352 cr. Improved operational efficiency in FY18 led to an increase in total stainless steel melt production which stood at 797,156 MT and was up by 10% as compared to CPLY.

 

Commenting on the outstanding performance of the company, Managing Director, JSL, Abhyuday Jindal, said, “The Company has delivered a strong result in FY18 for the second consecutive year. Our robust performance in FY 17-18 reinforces that JSL has set itself on a strong and sustainable growth journey. We will continue to enhance our offerings in the market with increased production of auto grade stainless steel and also meet the growing demand for railway coaches. Architecture, Building & Construction (ABC) and Automotive, Railway & Transport (ART) segment will also supplement stainless steel consumption.     Despite protectionist measures in some parts of the world, we will continue to maintain our stability in exports. With our industry leadership, our focus will expand to new application development and further improve our market outreach in FY19.” Read more

Jindal Mansion plays host to Eli’s of Elephant Parade

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

JSW Group has unveiled an impressive installation of elephant sculpture at Jindal Mansion on Pedder Road in Mumbai. The installation is part of the 101 gorgeous elephant sculptures by leading artists and designers including LN Tallur, Princess Pea, Christian Louboutin, Sabyasachi Mukherjee and Masaba Guptathat have been set up for public display as part of the Elephant Parade India. Jindal Mansion is a heritage building embedded in the warp and weft of Mumbai. Over the last few years, it has also become a live canvas to various art initiatives to encourage passers-by to stop, admire and think about Art and Beauty. The idea is to make public art accessible so that there is more dialogue around it. The installation is also a precursor to JSW’s annual Earth Care Awards, currently in its seventh edition. The JSW Earth Care Awards have created a platform for recognising climate change mitigation champions, and showcase their path breaking work. Read more