Jindal SAW net falls three-fold to Rs 36 cr

Jindal SAW today reported over three-fold decline in its net profit at Rs 36.54 crore for the quarter ended December 31, 2011, largely due to flat sales and foreign exchange loss.

The company had reported a net profit of Rs 125.01 crore during the corresponding quarter of 2010-11.

Net sales of the leading SAW (submerged arc welded) pipe maker remained almost flat at Rs 1,093.69 crore during the quarter under review against Rs 1,063.41 crore in the year-ago period, it said in a filing to the BSE.

Its cost on raw materials rose by by over 32% during the period to Rs 861.92 crore, the filing said, adding that the company incurred a foreign exchange loss of Rs 32.46 crore in the quarter.

Company's net profit for the nine-month period ended December 31, 2011, declined by 54.24% to Rs 173.07 crore, while its net sales rose by over 22% to Rs 3,672.72 crore, it said.

Shares of the company closed at Rs 140.35 apiece on the BSE today, down 1.47% from the previous close.