New Delhi: Jindal Stainless has reported a net profit of Rs 28 crore for the first quarter of the current fiscal, down 66 per cent compared with Rs 83 crore in the corresponding quarter last fiscal.
“On account of foreign exchange fluctuations, during the quarter, the company has provided for notional losses of about Rs 60 crore, resulting in lower net profit of Rs 28 crore. The actual gain or loss in this respect would be ascertained only on culmination of respective underlying exposures,” the company said in a release.
The board also recommended a dividend of Rs 2 a share of face value of Rs 2 each, for the financial year ended March 31, 2008. Its gross turnover during the quarter rose to Rs 1,725 crore, up 31 per cent compared with Rs 1,317 crore the same period a year ago.
The company has also informed the BSE that it plans to invest up to $200 million in one or more subsidiaries by way of equity or debt in the next two to three years.