Jindal Stainless unveils robust capex plan and strategic investments
In an interview with CNBC-TV18, Anurag Mantri, Group CFO of Jindal Stainless, elaborated on the company's ambitious capex plans for the current year. As the stainless steel giant aims to strengthen its position in the market and expand its operations, Mantri shared some key financial insights that signal exciting developments ahead.
Jindal Stainless Limited (JSL), a leading player in the stainless industry, has announced a substantial capex plan for the year, with the investment expected to fall in the range of Rs 2,500-2,600 crore. The capex infusion aims to enhance the company's manufacturing capabilities, drive technological advancements, and fuel overall growth prospects.
In an interview with CNBC-TV18, Anurag Mantri, Group Chief Financial Officer (CFO) of Jindal Stainless, shared some key financial insights that signal the company's plans.
Mantri said that Jindal Stainless Limited (JSL) and Jindal United Stainless Limited (JUSL) are slated to undertake a combined capex of Rs 3,200 crore. As two prominent entities under the Jindal Stainless umbrella, these companies' coordinated investment plans are poised to further elevate their market positions and collectively contribute to the group's growth trajectory, he said
When asked about debt management, Mantri said that the combined debt currently stands at Rs 4,500 crore. Despite this, the CFO expressed confidence in the company's financial strength and its ability to manage debt effectively. He added that the debt could potentially increase by an additional Rs 500 crore by yearend.
The company also reported a significant increase in net profit for the first quarter ending June 30, 2023, with a year-on-year growth of 49.7 percent, reaching Rs 745.8 crore. According to the company's regulatory filing, this compares to a net profit of Rs 498 crore in the same quarter of the previous year.
Furthermore, the total revenue for the quarter amounted to Rs 10,184 crore, indicating a substantial growth of 25.5 percent compared to the corresponding period in the previous fiscal year, where the total revenue was Rs 8,115.6 crore.
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