Jindal Saw Q3 net down 25% to Rs 125 cr

Pipe maker Jindal Saw today reported a 25.5 per cent dip in net profit at Rs 125 crore for the third quarter of the current fiscal on contracted sales.

The company had reported Rs 167.79 crore net profit in the corresponding quarter last fiscal, it said in a statement to the Bombay Stock Exchange.

Net turnover of the company during the October-December quarter stood at Rs 1,063.41 crore vis-a-vis Rs 1,373.53 crore in the same quarter last fiscal.

Out of the total sales, 58 per cent were originated from India and the remaining 42 per cent came from exports.

Jindal Saw said that it is currently sitting on over $1 billion ( Rs 4,595 crore approx) order book which would be executed by March-end, 2012.

"The current order book includes export orders of approximately 64 per cent. The major exports are from Middle East, Gulf region and South East Asia, China and Far East," it said.

As of December 31, Jindal Saw's gross debt stood at Rs 755 crore. The company said it was planning to raise long-term funds for meeting the capital expenditure need.

The scrip of the company closed at Rs 209.10 per share, down 0.97 per cent over the previous day's closing.