Jindal Stainless Limited — Interim / Quarterly Report 2022

Jul 26, 2021

26th July, 2021

BSE Limited Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai - 400 001 Email: corp.relations@bseindia.com Security Code No.: 532508

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot no. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Email: cmlist@nse.co.in Security Code No.: JSL

Kind Attn. Listing Section

Sub.: Outcome of Board Meeting under Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("SEBI Listing Regulations").

Dear Sirs,

This is in continuation to our letters dated 29th June, 2021 and 19th July, 2021.

We wish to inform you that pursuant to the applicable provisions of the SEBI Listing Regulations, the Board of Directors (the "Board") of Jindal Stainless Limited (the "Company") at its meeting held today, i.e. 26th July, 2021, inter alia, considered and approved:

• 1. Un-audited Standalone and Consolidated Financial Results of the Company for the quarter ended 301h June, 2021. Copy of aforesaid results along with the Limited Review Report(s) are enclosed herewith as Annexure 1.
• 1. Enhancement of capacity from 1.10 MTPA to 2.10 MTPA at Company's plant located at Jajpur, Odisha. The detailed disclosure as required under SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September, 2015 in this regard is enclosed as Annexure 2.

The Meeting commenced at 02.00 P.M. and concluded at P.M. 5:25

The financial results will be published in the newspapers in terms of Regulation 47 of SEBI Listing Regulations.

Please take the above information on record.

Thanking you,

Yours faithfully, For Jindal Stai�les� � .,.....'-.Q.. i�it�ifs' ri ,o.- 1c'(7< t:I' __)) -

� .) � *Navneet Raghuvans' · / • Company Secretary, * 1 __ �./ , · --......:....r �,

Enclosed as above

Jindal Stainless Limited

CIN: L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12 Bhikaji Cama Place, New Delhi - 110066, India T: +91 11 26188345, 41462000, 61462000 F: +91 11 41659169 E: info@jindalstainless.com Registered Office: O.P. Jindal Marg, Hisar - 125005 (Haryana) India Website: www.jindalstainless.com, www.jslstainless.com

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Jindal Stainless Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Jindal Stainless Limited ('the Company') for the quarter ended 30 June 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time.
• 1. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd)

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Rajni Mundra Partner Membership No. 058644 UDIN**:** 21058644AAAACY2035

Place: New Delhi Date: 26 July 2021

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Jindal Stainless Limited

• 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Jindal Stainless Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associates (refer Annexure 1 for the list of subsidiaries and associates included in the Statement) for the quarter ended 30 June 2021, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time.
• 1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd)

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial information of two subsidiaries included in the Statement, whose financial information reflects total revenues of ₹ 282.46 crores, total net profit after tax of ₹ 9.11 crores and total comprehensive income of ₹ 9.11 crores for the quarter ended on 30 June 2021 as considered in the Statement. The Statement also includes the Group's share of net profit after tax of ₹ 7.29 crores and total comprehensive income of ₹ 7.30 crores for the quarter ended on 30 June 2021, as considered in the Statement, in respect of one associate, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the interim financial information of three subsidiaries, which have not been reviewed/audited by their auditors, whose interim financial information reflects of total revenues of ₹ 0.08 crore, net profit after tax of ₹ 0.09 crore and total comprehensive income of ₹ 0.09 crore for the quarter ended on 30 June 2021, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of ₹ 16.87 crores and total comprehensive income of ₹ 16.87 crores for the quarter ended on 30 June 2021, in respect of two associates, based on their interim financial information, which have not been reviewed/audited by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, are based solely on such unaudited/unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd)

Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

RAJNI MUNDR A Digitally signed by RAJNI MUNDRA Date: 2021.07.26 13:22:16 +05'30'

Rajni Mundra Partner Membership No. 058644 UDIN: 21058644AAAACZ5346

Place: New Delhi Date: 26 July 2021

Annexure 1 to the Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of Jindal Stainless Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of entities included in the Statement

S. No.	Name	Relationship
1	PT. Jindal Stainless Indonesia	Subsidiary
2	Jindal Stainless FZE	Subsidiary
3	JSL Group Holding Pte. Limited	Subsidiary
4	Iberjindal S.L.	Subsidiary
5	Jindal Stainless Park Limited	Subsidiary
6	Jindal United Steel Limited	Associate
7	Jindal Coke Limited	Associate
8	Jindal Stainless Corporate Management Service Private Limited	Associate

(This space has been intentionally left blank)

JINDAL STAINLESS LIMITED CIN: L26922HR1980PLC010901

Regel. Office: O.P.Jindol Marg, Hisac-125 005 (I-laryano)

Ph. No. (01662) 222-471•83, Fax No. (01G62) 220499, Em:iil Id. for In,·cstor1: iovcs1orarc@jiod:1bt:1iolcss.c:om, \Vcbsirc: www.jslu.:ai11lcss.com

UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30 JUNE 2021

									(< in crores except per share data)
		Standalone			Consolidated
			For the quarter ended		For the year	For the quarter ended			For the year
S. No.	Particulars	30 June 2021	31 March 2021(Refer note 3)	30 June 2020	ended31 March 2021	30 June 2021	31 March 2021(Refer note 3)	30 June 2020	ended31 March 2021
		Unaudited	Audited	Unaudited	Audited	Unaudited	Audited	Unaudited	Audited
	INCOME
1	Revenue from operations	3,841.27	3,809.63	1,261.52	11,679.14	4,032.72	3,913.64	1,376.06	12,188.46
п	Other income	9.62	12.04	9.73	42.30	9.60	12.66	9.81	40.90
ш	Total income	3,850.89	3,821.67	1,271.25	11,721.44	4,042.32	3,926.30	1,385.87	12,229.36
IV	Expenses
	Cost of materials consumed	2,711.01	2,403.44	840.04	7,293.69	2,850.76	2,407.17	892.53	7,458.19
	Purchases of stock in trade	44.26	38.30	65.27	236.95	44.26	38.30	65.27	236.95
	Changes in inventories of finished goods, stock in trade and work in progress	(320.82)	(76.58)	(87.07)	(98.81)	(341.77)	(29.06)	(33.01)	113.64
	Employee benefits expense	42.55	41.90	24.89	148.79	49.54	51.55	31.75	177.87
	Finance costs	81.11	91.50	130.98	463.70	85.12	96.77	134.36	480.08
	Depreciation and amortisation expenses	90.72	90.21	95.14	373.42	94.08	96.63	102.67	402.96
	Stores and spares consumed	163.32	193.06	66.51	563.45	171.19	197.01	70.65	580.74
	Power and fuel	177.00	185.95	86.34	618.24	182.46	190.20	89.88	633.63
	Other expenses	444.12	502.20	187.94	1,520.98	475.25	516.25	194.97	1,563.25
$\mathbf v$	Total expensesProfit/(loss) before exceptional items, share of net profit/(loss) of	3,433.27417.62	3,469.98351.69	1,410.04(138.79)	11,120.41	3,610.89	3,564.82	1,549.07	11,647.31
	investments accounted for using equity method and tax				601.03	431.43	361.48	(163.20)	582.05
VI	Share of net profit/(loss) of investments accounted for using equity method		$\bullet$	۰		24.16	18.77	(18.39)	5.21
VII	Profit/(loss) before exceptional items and tax	417.62	351.69	(138.79)	601.03	455.59	380.25	(181.59)	587.26
VIII	Exceptional items - gain (net) (refer note 4)	٠	54.14	13.96	99.39	×.	53.40	14.98	102.41
$_{\rm IX}$	Profit/(loss) after exceptional items but before tax	417.62	405.83	(124.83)	700.42	455.59	433.65	(166.61)	689.67
x	Tax expense
	Current tax	$\ddot{}$	$\blacksquare$	$\overline{\phantom{a}}$	÷	2.92	0.73		0.73
	Deferred tax	146.20	140.89	(38.33)	272.50	146.83	140.06	(42.62)	269.23
	Taxes pertaining to earlier years	s		$\overline{\phantom{a}}$			0.25		0.25
XI	Profit/(loss) for the period	271.42	264.94	(86.50)	427.92	305.84	292.61	(123.99)	419.46
XII	Other comprehensive income
	(A)Items that will not be reclassified to profit or loss
	(i) Items that will not be reclassified to profit or loss		0.66		0.66		3.66		3.66
	(ii) Income-tax effect on above		(0.23)		(0.23)		(0.83)		(0.83)
	(iii) Share in other comprehensive income of associate(B)Items that will be reclassified to profit or loss(i) Items that will be reclassified to profit or loss				٠	0.01	0.25		0.26
	(ii) Income-tax effect on above			$\overline{\phantom{a}}$		2.14	(2.02)	0.50	0.50
XIII	Total other comprehensive income	$\blacksquare$	0.43	$\hat{\phantom{a}}$$\omega_{\rm c}$	٠0.43	$\overline{\phantom{a}}$2.15	٠		$\overline{\phantom{a}}$
XIV	Total comprehensive income for the period (comprising profit/(loss)	271.42	265.37				1.06	0.50	3.59
XV	and other comprehensive income for the period)Profit/(loss) attributable to:			(86.50)	428.35	307.99	293.67	(123.49)	423.05
	Owners of the parent
	Non - controlling interests					302.773.07	289.19	(121.78)	419.23
						305.84	3.42292.61	(2.21)	0.23419.46
	Other comprehensive income attributable to:							(123.99)
	Owners of the parent					2.15
	Non-controlling interests						1.06	0.50	3.59
						2.15	1.06	0.50	3.59
	Total comprehensive income attributable to:
	Owners of the parent					304.92	290.25	(121.28)	422.82
	Non - controlling interests					3.07	3.42	(2.21)	0.23
						307.99	293.67	(123.49)	423.05
XVI	Paid-up Equity Share Capital (face value of ₹ 2 each)	97.45	97.45	97.45	97.45	97.45	97.45	97.45	97.45
XVII	Other equity				3,055.33				3,107.68
	XVIII Earning per share (EPS) (face value of ₹ 2 each)
	a) Basic	5.57	5.43	(1.78)	8.78	6.21	5.93	(2.50)	8.60
	b) Diluted	5.35	5.38	(1.78)	8.65	5.96	5.87	(2.50)	8.48
	(EPS for the period not annualised)

Sec accompanyrne notes to the fioncl:al results.

SGa~ED FOR 'J; dDENTFiCATor: I PURP0Sl2S ~

JINDAL STAINLESS LIMITED

CIN: L26922HRJ980PLC010901

Regd. Office: O.P.Jinda l Marg, Hisar-125 005 (Haryana)

Ph. No. (01662) 222471-83, fax No. (01662) 220499, Email Id. for Investors: invcs1oru1c@ji.ndal.s,ainJcss.com,Website:www.jslna.inlcss.com

• The financial results of the Company/Group for the quarter ended 30 June 2021 l,a,·e been reviewed by the Audit Committee and approved by the Board o f Directors at thci.r ccspective meetings held on 26 July 2021 and a limited rc,1icw of the ~amc has been carried out by the statutory auditors.
• 2 TI1c.c;c results have been prepared in accocdn.nce with the rccognjtion and measurement pciociples of the Companies (Indian Accounting Srnndards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013, other accounting principles generally accepted in India and iu compliance with the presentation and disclosure requirements of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended).
• 3 The figures for the quarter ended 31 March 2021 arc the balancing figuccs between audited figures in respect of the full financial year and published year to date reviewed figures upto the third quarter of the rear ended 31 M:uch 2021.
• 4 Exceptional items foe the quarter ended 30 June 2020 and for the quarter and year ended 31 March 2021 in standalone and consolidated financial results pertain to net foreign exchange gain.
• 5 TI,e Company/Group is in the business of mooufactunng Stainless steel products and hence has only one reportable operating segment as per Ind AS 108 Operating Segments.
• 6 Due to o utbreak of Coronovirus Disease 2019 (COVID-19) which has been declared as a pandemic by the World Health Organization and subsequent lock down ordered by the Central and State Govecnment(s) in India, the manufacturing facilities of the Company remained suspended from 25 March 2020 till 04 May 2020. The Com pan)• in compliance with the necessary instructions/ guidelines, resumed its operations from 05 May 2020 in a phased manner, while ensuring health and safety of all the stakeholders. 111.is situation resulted in temporary disturbance in the economic activities th.rough intccruption l1l manufacturing process, disruption in suppl)• chain, etc. for cl1c Company during the year ended 31 March 2021.
• Further, the recent second wave ofCOVID~l9 has resulted in partial lockdown/rest,iction l1l various states during this quarter. However, the Compan)' is closely monitoring the impact of the aforementioned pandemic :-ind believes that there will not be any adverse impact on the long term operations and perfocmance of the Company/Group.
• 7 At its meeting held on 29 December 2020, the Board considered and approved a Composite Scheme of Arrangement pursuant to Sections 230 to 232 and other relevant provisions of Companies Act, 2013, amongst the Company, Jindal Stainless (Hisar) Limited, JSL Lifestyle Limited, Jindal Lifestyle Limited, JSL Media Limited and Jindal Stainless Corporate Monogement Services Private Limited (Scheme). The aforementioned scheme is subject 10 necessary statutory and regulatory approvals under applicable laws, including approv3..I of the National Company L'lw Tribunal in I ncfu>. which is currently awaited.
• 8 During the quarter, CRISIL Ratings assigned 'CRISIL A+/Stablc' eating to the long-tcnn credit facilities and short-tcon credit facilities were r.11ed 'CRJSIL Al'. Further, subsequent to the quarter end, 'India Ratings and Research (Ind-Ra) has upgraded the long term credit eating of the Company to 'IND A+' from 'IND BBB+'. TI,e short-term credit rnting of the Company has also been upgraded to 'IND A I+' from 'IND A2'

Place: Gurugram Da te: 26 July 2021

Notes:

Annexure 2

Detailed disclosure on capacity enhancement

SI. No.	Particulars	Details
1.	Existing Capacity (Melt)	l.lOMTPA
2.	Existing Capacity Utilization (Melt)	~ 96% for Ql ended June 30, 2021.
3.	Proposed capacity addition	mMTPAan1.00(Melt)alongwithincreasedownstream capacity.
4.	Period within which the proposedcapacity is to be added	FY23
5.	Investment required	~ Rs. 2,150 Crores
6.	Mode of Financing	Through combination of internal accruals and debt.
7.	Rationale	mandTo cater tothe futuregrowthdomesticinternational market.