Jindal Stainless Limited — Interim / Quarterly Report 2021

Feb 4, 2021

04th February, 2021

BSE Limited Corporate Relationship Department, 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai - 400 00 I 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 28th January, 2021 and 22nd December, 2020.

We wish to inform you that pursuant to the applicable provisions of the SEBl Listing Regulations, the Board of Directors (the "Board") of Jindal Stainless Limited (the "Company") at its meeting held today, i. e. 04th February, 2021, inter alia, considered and approved:

• 1. Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended 31 st Decembe1:, 2020. Copy of aforesaid results along with the Limited Review Report(s) are enclosed herewith as Annexure 1.
• ii . On the recommendation of the Nomination and Remuneration Committee and subject to the approval of the shareholders of the Company, the Board has approved re-appointment of:
  • ❖ Mr. Abhyuday Jindal (DIN: 07290474), as Managing Director of the Company for another term of 3 (three) years w.e.f. 25th April, 2021, and;
  • ❖ Mr. Tarun Kumar Khu I be (DtN: 07302532), as Wholetime Director of the Company for another term of3 (three) years w.e.f. 15th May, 2021.

The detailed disclosure as required under SEB r Circular No. CIR/CFD/CMD/4/2015 dated 9 September, 201 5 with regard to the aforesaid re-appointment(s) is enclosed as Annexure 2.

The Meeting commenced at 12.00 Noon and concluded at P.M. 03:45

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 faith For Jind

. Company

Enclosed as above

Jindal Stainless Limited Cl : L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12, Bhikaji Cama Place, New Delhi - 110066, India Regi tered O ·ce: O.P. Jindal Marg, Hisar- 125005 (Haryana) India T: +91 11 26188345, 41462000, 61462000 F: +'91 11 41659169 E: info@jindalstainless.com We ite· www.jindalstainless.com, www.jslstainless.com

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP L 41, Connaught Circus, Outer Circle, New Delhi - 110 001 India

T +91 11 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of Jindal Stainless Limited Pursuant to 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 31 December 2020 and the year to date results for the period 01 April 2020 to 31 December 2020, 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 substantial ly 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.

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kechi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001 , India

Walker Chandiok &_Co LLP

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

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 wh ich it is to be disclosed, or that it contains any material misstatement.

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

°<{·i-: 1--11-- ~, Rajni Mundra LJ: Partner l'2

Membership No. 058644 ~ ~--: UDIN: 21058644AAAAAV4636

Place: New Delhi Date: 04 February 2021

Walker Chandiok & Co LLP L 41, Connaught Circus, Outer Circle, New Delhi - 110 001 India

T +91 11 4278 7070 F +91 11 4278 7071

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date 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 31 December 2020 and the consolidated year to date results for the period 01 April 2020 to 31 December 2020 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.

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India

Walker Chandiok &.Co LLP

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

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 and upon consideration of the review reports of the other auditors referred to in paragraph 5 below, 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 Regu lation 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 subsid iaries included in the Statement, whose financial information reflects total revenues of z 207.28 crores and z 561 .93 crores, total net profit/(loss) after tax of z 16.16 crores and z (18. 7 4) crores, total comprehensive income/(loss) of z 16.16 crores and z (18. 74) crores, for the quarter and nine months period ended on 31 December 2020, respectively, as considered in the Statement. The Statement also includes the Group's share of net profit/(loss) after tax of z 1.56 crores and z (15.42) crores and total comprehensive income/(loss) of z 1.56 crores and z (15.42) crores, for the quarter and nine months period ended on 31 December 2020, respectively, as considered in the Statement, in respect of one associate, whose interim financial information has not been reviewed by us. These interim financial information have been reviewed by other aud itors 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 total revenues of z nil and z 2.49 crores, net loss after tax of z 0. 75 crores and z 0.21 crores, total comprehensive loss of z 0. 75 crores and z 0.21 crores for the quarter and nine month period ended 31 December 2020 respectively as considered in the statement. The Statement also includes the Group's share of net profit after tax of z 4. 91 crores and z 1.87 crores, and total comprehensive income of z 4.91 crores and z 1.87 crores for the quarter and nine month period ended on 31 December 2020 respectively, 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.

Walker Chandiok &..Co LLP

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

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 Mundra Partner Membership No. 0!J·S:..m- UDIN: 21058644AA.AtfJ~m

Place: New Delhi Date: 04 February 2021 Annexure 1 to the Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Jindal Stainless Limited Pursuant to 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	lberjindal 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	LAssociate
		11,l~U/Q A

(This space has been intentionally left blank)

$\begin{minipage}{0.9\textwidth} \begin{minipage}{0.9\textwidth} \begin{tabular}{l} \textbf{1 1 1 2 3 4 5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6$

UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTSFOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020

												(₹ in crores except per share data)
		Standalone			Consolidated
			For the quarter ended		For the yeaFor the nine months endedended		For the quarter ended			For the nine months ended		or the yearended
S. No.	Particulars	31 December2020	30 September2020	31 December2019	31 December2020	31 December2019	31 March2020	31 December2020	30 September2020	31 December2019	31 December2020	31 December2019	31 March2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	INCOME
	Revenue from operations	3,451.99	3.156,00	3,179.05	7,869.51	9,416.15	12,320.11	3,584.63	3,314.13	3,302.39	8,274.82	9,856.76	12,950.87
$_{II}$	Other income	9.51	11.02	8.23	30.26	26.37	36.98	7.41	11.02	10.05	28.24	26.66	39.89
Ш	Total income	3,461.50	3,167.02	3,187.28	7,899.77	9,442.52	12,357.09	3,592.04	3,325.15	3,312.44	8,303.06	9,883.42	12,990.76
IV	Expenses
	Cost of materials consumed	2,167.11	1,883.10	2,014.00	4,890.25	5,930.60	7,643.88	2,234.31	1,924.18	2,025.04	5,051.02	6,291.56	8,217.86
	Purchase of stock in trade	36.36	97.02	124.77	198.65	396.28	487.86	36.36	97.02	124.77	198.65	396.28	487.86
	Changes in inventories of finished goods, stock in trade and work in progress	(10.60)	75.44	(57.33)	(22.23)	(201.05)	(70.05)	3.00	172.71	22.80	142.70	(225.77)	(127.23)
	Employee benefits expense	46.79	35.21	37.01	106.89	110.19	147.57	53,40	41.17	50.66	126.32	152.30	204.53
	Finance costs	117.16	124.06	139.51	372.20	423.95	566.89	120.94	128.01	144.04	383.31	437.59	585.53
	Depreciation and amortisation expense	92.80	95.27	104.57	283.21	309.47	408.86	100.57	103.09	108.55	306.33	321.58	425.16
	Stores and spares consumed	159.86	144.02	175.44	370.39	536.25	684.19	164.96	148.12	184.72	383.73	565.54	714.46
	Power and fuel	179.37	166.58	196.84	432.29	587.36	768.93	183.58	169.97	202.61	443.43	605.25	792.61
	Other expenses	428.49	402.35	385.86	1,018.78	1,123.17	1,482.91	435.87	416.16	392.15	1,047.00	1,153.62	1,521.30
$\mathbf{V}$	Total expenses	3,217.34	3,023.05143.97	3,120.6766.61	7,650.43	9,216.22	12,121.04	3,332.99	3,200.43	3,255.34	8,082.49	9,697.95	12,822.08
	Profit before exceptional items, share of net profit ofinvestments accounted for using equity method and tax	244.16			249.34	226.30	236.05	259.05	124.72	57.10	220.57	185.47	168.68
VI	Share of net profit/(loss) of investments accounted for using equity method							6.47	(1.64)	(2.44)	(13.56)	(3.00)	(7.86)
VII	Profit before exceptional items and tax	244.16	143.97	66.61	249.34	226.30	236.05	265.52	123.08	54.66	207.01	182.47	160.82
VIII	Exceptional items - gain (net; refer note 3)	6.68	24.61	24.57	45.25	56.31	8.31	8.08	25.95	24.28	49.01	55.53	4.44
$\text{IX}$	Profit after exceptional items but before tax	250.84	168.58	91.18	294.59	282.61	244.36	273.60	149.03	78.94	256.02	238.00	165.26
X	Tax expense
	Curent tax			$\sim$						2.42		2.42	1.26
	Deferred tax	99.16	70.78	35.07	131.61	107.75	91.48	103.40	68.39	24.84	129.17	96.76	72.43
	Taxes pertaining to earlier years												18.95
XI	Profit for the period	151.68	97.80	56.11	162.98	174.86	152.88	170.20	80.64	51.68	126.85	138.82	72.62
X H	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						(1.55)						(1.10)
	(ii) Income-tax effect on above						0.54						0.38
	(iii) Share in other comprehensive income of associate	×,	$\sim$	$\sim$		$\omega$	$\sim$	0.01		$\sim$	0.01	$\sim$	(0.10)
	(B)Items that will be reclassified to profit or loss
	(i) Items that will be reclassified to profit or loss	÷	$\sim$	$\overline{\phantom{a}}$			÷	0.75	1.27	0.08	2.52	3.88	8.16
	(ii) Income-tax effect on above
XIII	Total other comprehensive income	$\omega$	×.	$\bar{\phantom{a}}$	$\omega$	$\bar{a}$	(1.01)	0.76	1.27	0.08	2.53	3.88	7.34
XIV	Total comprehensive income for the period (comprising profitand other comprehensive income for the period)	151.68	97.80	56.11	162.98	174.86	151.87	170.96	81.91	51.76	129.38	142.70	79.96
$\mathbf{X},\mathbf{V}$	Profit/(loss) attributable to:
	Owners of the parent							170.09	81.73	51.81	130.04	136.28	71.32
	Non - controlling interests							0.11	(1.09)	(0.13)	(3.19)	2.54	1,30
								170.20	80.64	51.68	126.85	138.82	72.62
	Other comprehensive income attributable to:
	Owners of the parent							0.76	1.27	0.08	2.53	3.88	7.34
	Non - controlling interests
								0.76	1.27	0.08	2.53	3.88	7.34
	Total comprehensive income attributable to:
	Owners of the parent							170.85	83.00	51.89	132.57	140.16	78.66
	Non - controlling interests							0.11	(1.09)	(0.13)	(3.19)	2.54	1,30
								170.96	81.91	51.76	129.38	142.70	79.96
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	97.45	97.45	97.45	97.45
XVII	Other equity						2,559.87						2,619.79
XVIII	Earning per share (EPS) (face value of ₹ 2 each)
	a) Basic	3.11	2.01	1.15	3.35	3.63	3.16	3.49	1.68	1.06	2.67	2.83	1.48
	b) Diluted	3.04	2.01	1.12	3.27	3.49	3.16	3.41	1.68	1.05	2.61	2.83	1.48
	(EPS for the period not annualised)

See accompanying notes to the financial results.

$\mathcal{E}_{\mathcal{L}}$ $\sim$

CIN: L26922HR1980PLC010901

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

Ph. No. (01662) 222471-83, Fax No. (01662) 220499, Email Id. for Investors: investorcare@jindalstainless.com, Website: www.jslstainless.com

Notes:

Place: New Delhi

• $\overline{1}$ The financial results of the Company/Group for the quarter and nine months ended 31 December 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 04 February 2021 and a limited review of the same has been carried out by the statutory auditors
• These results have been prepared in accordance with the recognition and measurement principles of the Companies (Indian Accounting Standards) Rules, 2015 $\mathcal{L}$ (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
• Exceptional items in standalone and consolidated financial results pertain to net foreign exchange gain. $\overline{3}$
• As the Company's/Group's business activity falls within a single operating segment viz. 'Stainless Steel', the disclosure requirement of Accounting Standard (Ind $\overline{A}$ AS 108) on "Operating Segments" is not applicable.
• Due to outbreak of Coronavirus Disease 2019 (COVID-19) which has been declared as a pandemic by the World Health Organization and subsequent lock down 5 ordered by the Central and State Government(s) in India, the manufacturing facilities of the Company remained suspended from 25 March 2020 till 4 May 2020. The Company in compliance with the necessary instructions/guidelines, resumed its operations from 5 May 2020 in a phased manner, while ensuring health safety of all the stakeholders.

This situation resulted in temporary disturbance in the economic activities through interruption in manufacturing process, disruption in supply chain, etc for the Company during the nine months ended 31 December 2020. However, the Company is closely monitoring the impact of the aforementioned pandemic and believes that there will not be any significant adverse impact on the long term operations and performance of the Company.

• 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 Management Services Private Limited ('Scheme'). The aforementioned scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal in India.
• At its meeting held on 21 January 2021, the sub-committee of the Board of Directors had considered and approved early redemption of 2,500 Non-convertible $\overline{7}$ debentures (secured) of face value ₹ 0.10 crores each, which were listed on BSE Limited, having an outstanding balance of ₹ 52.08 crores. The said redemption amount has been subsequently remitted. Further, the Company has duly intimated to the Stock Exchanges and Debenture Trustee in this regard.

SIGNED FOR IDENTIFICATION PURPOSES Date: 04 February 2021

By Order of the Board of Directors For Iindal Stainless Limited

Abhyuday Jindal

Managing Director

Annexure 2

Re-appointment of Managing Director & Wholetime Director

ParticularsSI.		Name of Director
No.		Mr. Abhvudav Jindal	Mr. Tarun Kumar Khulbe
1	Reasonforchange	Re-appointment	Re-appointment
	viz.appointment,
	resignation,removal,
2	death or otherwiseofDate	Re-appointed as Managing Director for another	Re-appointed as Wholetime Director
	appointment/cessation	term of 3 (three) years w.e.f. 25th April, 2021.	for another term of 3 (three) years
	(as applicable) & term		w.e.f. 15th May, 2021.
	of appointment
3	Brief profile (in case	A Boston University graduate in Economics	Mr. Tarun Kumar Khulbe has been
	of appointment)	andBusinessManagement,	working as a Who le Time Director or
		Abhyuday Jindalhasa wide rangingMr.	Jindal Stainless Limited (JSL) sinceMay, 2018. As a Director on Board,
		experience in the areas of project management,	heresponsibleforSa les&is
		supply chain systems, and strategic & general	Marketing, IT, Logistics, Strategic
		management. Currently, he is the Managing	InitiativesandSubsidiaries.An
		Director of Jindal Stainless Limited and Jindal	industry veteran with an experi ence
		Stainless (Hisar) Limited. He is also the Co	of 34 years, Mr. Kh ulbe has played
		Chair for FICCI's Steel Committee.	aninstrumentalsteeringJSLintowardssustai nedopera! ional
			excellence.
		Mr. Jindal started his career with the JSW
		Group. There, he played a prominent role in the	Mr. Khulbe started his career with
		stake acquisition of Ispat Industries and thepost-acquisition integration of JS W and I spat.	the then Raymond Steel, which late rmergedThyssenKrupps,into
		He then moved on to the Boston Consulting	Germany. There, he ga rnered ri ch
		Group, where he managed project consultancy	andvariedindustrialexperi ence
		for diverse industries, including cement, steel, · spanning across India and Germany.
		wind turbines, and auto components. Having	In October 2004, Mr. Khu lbe _join ed
		gained a deep understanding of the industrial	JindalSta inlessanAdd iti onalas
		rnanufacturing arena, Mr. Jindal entered the	GeneralManagerfortheColdRollingMills.Througha
		USO 2.79billion (as of March'20) Jindal	demonstrated ability toleadhigh
		Stainless organization.	performing teams, he was selected to
			headtheentirestainlessstee l
		Driven by the ambition to go beyond the	operations at JSL in August 201 2.
		ordinary, Mr. Jindal took multiple strides in	Three years later, he assumed the rol eChi ef Operatingof Directorand
		improvingsupplychainandoperational	Officer for .I SL.
		efficiencies.Today,heshapingJindalis	Khulbecombineshands-onMr.
		Stainless into a far more dynamic, responsive,	knowl edge and experi ence of people,
		pred ictive, and solution-based organization. As	pl ant, project, and management of
		a leader in the stainless steel landscape of the	business units. This cross-functional
		country, Mr. Jindal has explored and unlockednew avenues for providing stainless sol}tti~	~~exposure lends to him a unique bl endtechnocrat and a leader. He is an
			/, ,;:-,--=:-l~!{,g;1Qeering Graduate fromMITS,
	~)
(~~l

C . L26922HR1980PLC010901 Corporate Office. Jindal Centre, 12, Bhikaji Cama Place, New Delhi - 110066, India R i t r Office. O.P. Jindal Marg, Hisar - 125005 (Haryana) India · +91 11 26188345, 41462000, 61462000 F: +91 11 41659169 E: info@jindalstainless.com e s1 : www.jindalstainless.com, www.jslstainless.com

Jindal Stainless Lim~~

		to stakeholders with the vision to improvelives. Helmed by him, the organization hasbuilt market leadership, and made foray intonew fields.	Gwalior and MBA from .l amnalalBajajInstituteofManagementStudies, Mumbai.
		StronglyrootedtheIndiansoil,in
		Mr.AbhyudayJindal 'scommunity-centric
		transformationalapproachhastheledto
		ofdevelopmentandsustenanceseveral
		empowermentinitiatives 111andaroundits
		production facilities. His signature style has
		endeared him further among employees. He
		personifies open and participative management,
		a consistent culture of dialogue and feedback,
		and a relentless march towards continuous
		improvement.
4	ofDisclosure	Mr. Abhyuday Jindal is the son of Mr. Ratan	Tarun Kumar KhulbenotMr.is
	re lationshipsbetween	Jindal, Chairman and Managing Director of the	related to any other Director of the
	directors (incase of	Company.	Company.
	appointmentofa
	director).

Jindal Stainless Limited CIN L26922HR1980PLC010901 Corporate Office: Jindal Centre, 12, Bhikaji Cama Place, New Delhi - 110066, India Regist r O ic O.P. Jindal Marg, Hisar - 125005 (Haryana) India T +9111 26188345, 41462000, ~1462000 F. +9111 41659169 E: info@jindalstainless.com ite www.jindalstainless.com, www.jslstainless.com