BENGALURU (Reuters) – Indian stainless-steel maker Jindal Stainless reported a second-quarter revenue that greater than halved, hit by import dumping from China and a tax on exports.
The New Delhi-based firm’s consolidated revenue got here in at 1.59 billion Indian rupees ($19.22 million) for the three months ended Sept. 30, towards 4.07 billion rupees, a 12 months in the past.
India’s stainless-steel business has been dealing with powerful competitors from Chinese language and Indonesian producers who’ve been dumping within the home market. Including to the woes, the Indian authorities in Might raised export tax for sure metal and stainless-steel merchandise.
Jindal’s income from operations rose 11.5% to 56.05 billion rupees. Consolidated working margins fell to six.39% for the reported quarter from 15.08% a 12 months in the past.
Whereas enter prices fell 3% as uncooked materials costs cooled off from their peak, energy and gas prices surged about 35%.
($1 = 82.73 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Modifying by Shailesh Kuber)
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