JINDAL STA

11th February, 2020

JSL/BM-4/2019-20

BSE Limited

Corporate Relationship Department,

1st Floor, New Trading Ring,

Rotunda Building, P J Towers,

Dalal Street, Fort, Mumbai - 400 001

Ph. 022-2272 3121,2037,2041,

Emai I: corp.relations@bseindia.com

Security Code No.: 532508

Sub.: Press Release

Dear Sir(s),

National Stock Exchange of India Ltd.

Exchange Plaza, 5th Floor,

Plot no. C/1, G Block

Bandra-Kurla Complex, Bandra (E),

Mumbai-400051

Ph. 022 -2659 8237, 8238, 8347, 8348

Email: cmlist@nse.co.in

Security Code No.: JSL

We are enclosing herewith copy of Press Release in respect of unaudited financial results of the Co1npany for the quarter and nine months ended 31st December, 2019.

Kindly host the same on your website.

Thanking You.

Yours Faithfully,

Navneet Raghuvanshi Company Secretary

Encl: A/a

Jindal Stainless Ltd. L26922HR1980PLC010901

Corporate Office. Jindal Centre, 12 Bhikaiji Cam a Place, New Delhi - 110066, India O.P Jindal Marg, Hisar- 125005 (Haryana) India

+91 11 26188345, 41462000, 61462000 +91 11 41659169 info@jindalstainless.com W it www.jindalstainless.com, www.jslstainless.com

Press Release

Jindal Stainless Limited reports Q3FY20 PAT at Rs 56 crore

Key Highlights Standalone (in Rs crore)

Particulars Q3 FY 19-20 Q3 FY 18-19 % Change (YoY)

Net Revenue 3,179 3,128 -

EBITDA 302 228 33%

PAT 56 52 7%

New Delhi, February 11, 2020: The Board of Directors of Jindal Stainless Limited (JSL) today approved

the financial results of the Company for Q3FY20. The Company recorded Profit After Tax (PAT) and

net revenue at Rs 56 crore and Rs 3,179 crore respectively. EBITDA during Q3FY20 stood at Rs 302

crore, registering an increase of 33% as compared to the corresponding period last year (CPLY), while

PAT grew by 7%. Sales volume rose by 17%, from 204,083 tonnes in CPLY to 239,283 tonnes in

Q3FY20; however, margins remained under pressure due to imports. In line with its proposed plans,

JSL also received the consent-to-operate (CTO) at an annual melt capacity of 1.1 million tonnes during

this quarter. The company managed to log in good performance in exports with 39% growth, from

36,954 tonnes during CPLY to 51,369 tonnes in Q3FY20.

Commenting on the Company’s Q3FY20 performance, Managing Director, JSL, Mr Abhyuday Jindal

said, “As a result of robust product-mix and diversification into special grades, JSL has been able to

deliver a steady performance despite challenging macro-economic environment. Demand from

certain segments like automobiles remained muted in the quarter. Going forward, we will be able

to leverage our strategic sourcing plan to minimise the impact of cost volatility for our raw material

requirement. We are happy to note the government’s initiative announced in the latest Budget,

taking cognizance of the need to review operational FTAs. We hope that it will bring the domestic

industry to the level playing field it deserves.”

JSL catered to an increased demand from the railways and metro segments. The share of special

grades (duplex, super austenitic) also witnessed a rise during the quarter. The Company

operationalised its augmented cold rolling facility to cater to the hollowware segment, which has

been identified as one of the strategic focus areas for the Company in the coming quarters.

JSL’s performance during the 9-month period improved considerably. The Company reported PAT at

Rs 175 crore and EBITDA at Rs 933 crore, registering an increase of 64% and 12% respectively over

CPLY. During the April-December’19 period, total stainless steel imports soared to 6,40,000 tonnes,

compared to about 3,50,000 tonnes in CPLY, a whopping rise of 82%. Due to continuous dumping of

subsidised stainless steel products at irrational prices, the domestic stainless steel industry continued

to suffer. While the onslaught of imports hampered the profitability of big producers, the dumping

rendered capacities of several small producers idle, and turned them from producers to traders.