Shares of Jindal Stainless surged up over 8% on Thursday to hit an intraday high of ₹304.

What Happened: The company’s consolidated revenue from operations stood at ₹9,765.08 crore marginally up from the ₹9,725.91 crore revenue it booked in the same quarter last year. Sales volume for the quarter stood at 507,632 million tonnes.

The company’s EBITDA was down 19% year-over-year at ₹1,144 crore. EBITDA margin for the quarter stood at 11.71%. Net profit for the review quarter slumped close to 20% year-on-year to ₹716.29. crore. The company announced a final dividend of ₹1.5/share for the year ended March. This announcement comes a month after the company announced a special interim dividend of ₹1/share.

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Despite the weak numbers, the stocks of the company have been skyrocketing possibly on account of the positive outlook presented by the company. The management pegged volume growth for FY24 (April 2023- March 2024) at 20%. The management expects EBITDA/tonne to be around ₹19,000/tonne to ₹21,000/tonne.

Domestic brokerage firm ICICI Securities in its initial reaction to the company’s results said that the company’s performance was healthy and the EBITDA/tonne surprised positively. The company’s standalone operations EBITDA/tonne came in at ₹21,610/tonne higher than the firm’s estimate of ₹19,750/tonne.

Price Action: JSL’s share price was up 7.03% to trade at ₹300.10 on Thursday afternoon.

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