Jindal Saw Q3 net up 64% at Rs 60 cr

Jindal Saw today clocked 64.4% rise in its third quarter, October-December, net profit at Rs 60 crore on increased turnover.

The pipe maker had reported Rs 36.5 crore net profit in the same quarter of last fiscal, it said in a BSE filing.

The company's turnover jumped to Rs 1,722 crore, as against Rs 1,093 crore a year ago on higher sales.

Jindal Saw sold 2.59 lakh tonne pipes during the quarter with overseas sales contributing to 67% of the total. The remaining was sold domestically.

As on January 31, it has a net debt of Rs 3,200 crore.

"To meet the funds requirement for capital expenditure, the company will raise long-term funds as and when required," the company said.

Jindal Saw has orders worth around $500 million.

"We expect the company will start getting the benefit of the investment made/to be made in various projects including iron ore and pellete plant which would add to the turnover and profitability of the company in the time to come," it added.

The company scrip settled at Rs 108 on the BSE, up 1.41% over the previous closing.