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Jindal Saw extends fall post Q3 results

The stock dipped 8% to Rs 154, extending its Wednesday's 4% decline on BSE

SI Reporter  |  Mumbai 

steel, iron, Essar, Bhushan

dipped 8% to Rs 154, extending Wednesday’s 4% decline on BSE after the company reported 19% growth in net profit at Rs 963 million for the quarter ended December 2017 (Q3FY18). It had profit of Rs 807 million in the same quarter last fiscal.

Total income increased 49% to Rs 21,807 million from Rs 14,666 million in the corresponding quarter of previous year.

EBITDA (earnings before interest, tax, depreciation and amortization) margin declined to 14.45% from 18.75% in Q3FY17 and 19.68% in Q2FY18.

“As the Company is not producing rather commodities like steel, iron ore and cocking coal are raw materials for its products. Last few months have witnessed increased volatility in commodity prices including cocking coal and iron ore which is expected to impact the finished goods sale prices,” said in a release.

Export of pipes from India has been impacted negatively to countries like USA, Europe and Mexico due to imposition of anti-dumping duties by these countries on Indian pipes. On the other hand India has seen dumping of seamless pipes by countries like china which has impacted the domestic demand. To provide a level playing field, India has imposed anti-dumping duties on import of seamless pipes from China which has supported the Indian Seamless pipe industry for some time, it added.

is a leading global manufacturer and supplier of iron & pipe products, fittings and accessories with manufacturing facilities in India, USA, Europe and UAE (MENA).

In past six months, the stock rallied 80% as compared to 13% rise in the S&P BSE Sensex till Tuesday.

First Published: Thu, January 25 2018. 13:49 IST