India's Jindal Stainless reports 50% loss in web profit in Q2 FY 2022-23

India's Jindal Stainless Limited has actually reported an internet earnings of INR 1.59 billion ($19.22 million) for the second quarter (April-September) of the 2022-23, a 50 percent decrease year on year, a firm statement claimed on Thursday, November 3. The company reported sales revenues of INR 56.05 billion ($683 million), up 11.5 percent year on year.While input prices during the duration fell 3 percent, the advantages were greater than balanced out by the sharp 35 percent increase in energy expenses, the company said.The residential stainless steel market has actually been facing difficult competition from Chinese as well as Indonesian suppliers that have been dumping in the domestic market, while the Indian government's charge of an export tax obligation has actually intensified success, the business stated.

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