India’s Jindal Stainless reported a near-50% rise in its first-quarter profit on Wednesday, helped by strong domestic demand.
The company – the biggest stainless steel maker in India by volumes – posted a consolidated net profit of 7.46 billion rupees ($91 million) for the quarter ended June 30, compared to 4.98 billion rupees a year earlier.
Jindal, which makes stainless steel products for sectors like transportation and construction, said revenue from operations rose 25.4% to 101.84 billion rupees for the quarter.
Domestic sales grew 54% year-on-year owing to the pre-festive season demand, which picked up in consumer segments, the company said in a statement.
Rival JSW Steel reported a nearly three-fold jump in first-quarter profit on higher demand from infrastructure projects, while Tata Steel saw a 92% slump in quarterly profits.
Shares of Jindal, a constituent of India’s Nifty metals index closed 1.12% higher ahead of its results, while the index closed 0.32% higher.
($1 = 81.9910 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sonia Cheema)