PSL posts marginal growth in Q1 net profit at Rs 15 cr
Net sales during the quarter, however, grew by 27.57 per cent to Rs 638.15 cr
Pipe manufacturer PSL today reported a marginal increase in net profit for the June 30 quarter at Rs 14.81 crore compared to Rs 14.48 crore in the same period last year.
Its net sales during the quarter, however, grew by 27.57 per cent to Rs 638.15 crore as compared to Rs 500.21 crore during the corresponding period of the previous fiscal.
"Our order book remains healthy even in an otherwise slow economic environment," company's managing director Ashok Punj said in a statement.
Currently, PSL's order book stands at Rs 2,550 crore.
He also said that the company expects significant growth in the domestic market with an increase in oil and gas pipeline building activities, water pipeline networks, and infrastructural development.
PSL manufactures pipes in India through 14 pipe mills at in Kandla, Chennai, Visakhapatnam, and Jaipur, along with international subsidiaries in the Middle East and the USA.
The annual pipe manufacturing capacity of the company now stands at 1,775,000 million tonnes per year.