New Delhi, Oct 17 (Reporter) Jindal Stainless Ltd (JSL) on Thursday reported a 20.23% year-on-year decline in consolidated net profit to Rs 609.42 crore in the July-September quarter (Q2) of the current financial year 2024-25. The company had posted a net profit of Rs 764.03 crore in the September quarter of the previous financial year 2023-24. The company’s revenue from operations also dipped during the July-September quarter of the current fiscal and stood at Rs 9,777 crore as against Rs 9,797 crore in the same period a year ago. The company’s Q2FY25 standalone net revenue was recorded at Rs 9,746 crore. Standalone EBITDA stood at Rs 1,008 crore, while standalone profit was Rs 590 crore. In a press release, Jindal Stainless said that imports of subsidised and dumped stainless steel into India remained unabated throughout the quarter. "Without policy deterrents, and through misuse of the FTA route, imports from China and Vietnam flowed freely into Indian markets, disrupting the level playing field for Indian producers, particularly the MSME sector. Import from Vietnam surged by nearly 75% in H1FY25 compared to H1FY24. Despite headwinds, Jindal Stainless managed to increase its market share in the face of strong import competition, owing to its competitive pricing and an improved delivery cycle," the company said. The stainless steel maker said that the export market did not recover to expected levels owing to complexities in the geopolitical arena. It further said that while container freight reduced from previous quarters, they are still hovering at almost double their original rates. Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal said that India’s growth story is the single biggest driver of domestic manufacturing, especially in times of global uncertainties causing continued slowdown in exports. "We appreciate the government's renewed focus to use stainless steel in bridges and infrastructural applications in corrosive environments to prevent loss of life and property. The domestic market has always been our focus area, and we expect volume growth to pick up going forward. We also hope for a resolution to the ongoing dumping of subsidised and substandard imports from China and Vietnam, disturbing the level playing field for Indian manufacturers," he said...////...