Jindal Saw Q4 net plunges 55% to Rs 80 cr

Pipe maker Jindal Saw today reported 55.5% dip in net profit at Rs 80 crore for the fourth quarter of 2010-11.

The company had reported a net profit of Rs 180 crore in the corresponding quarter in 2009-10.

Total income also dipped by around 7% to Rs 1,218 crore during the quarter from over Rs 1,139 crore for the January-March quarter of 2009-10, the company said in a filing to the Bombay Stock Exchange.

The company also said its ductile iron plant, having a capital outlay of Rs 350 crore, with an additional waste heat recovery based power project and coke oven plant is likely to commence operations in the current fiscal.

Moreover, the pipe maker's greenfield ductile iron pipe facility in the United Arab Emirates, for which Jindal Saw estimates an outlay of approximately $60 million, will commence its operations in 2011-12.

It also said that the firm's iron ore mines in Rajasthan is likely to begin production in the present financial year.

However, Jindal Saw's drill pipe project in the United States is delayed, the company said.

"There is a delay in execution of this project but the trials are expected to commence in June 2011. The company has started marketing of the product," it said.