Jindal SAW Q1 net declines 32 pc to Rs 66 cr

Pipe maker Jindal SAW today said its standalone net profit fell by 32 per cent to Rs 65.78 crore for the quarter ended June 30, 2016.
The firm had clocked a net profit of Rs 97.20 crore in the year-ago period, it said in a BSE filing.
Total standalone income of the company declined by 33 per cent to Rs 1,329.04 crore in the April-June quarter of this fiscal from Rs 1,992.14 crore during the same quarter in 2015-16.
Its expenses were lower at Rs 1,139.55 crore from Rs 1,762.06 crore earlier.
During the June quarter, the firm sold 2.17 lakh tonnes (LT) of pipes and pig iron, while iron ore pellet sales stood at 2.60 LT. Exports constituted 22 per cent of the sales, it said.

It produced 2.55 LT of pipes and pig iron and 3.30 LT of pellets during the same period, it added.

Jindal SAW said its current order book for pipes and pellets stands at around USD 725 million, which in terms of volume is over 1.15 million tonnes (MT).
The new order book includes exports of around 25 per cent, with major shipment contracts for Middle East, Gulf region and South East Asia and Far East.
As on June 30, 2016, the firm's net institutional debt on a standalone basis stood at Rs 4,778 crore (around USD 707 million), including ECBs/ long-term loans and fund-based working capital.

The firm said export of pipes from India to the US, Europe and Mexico has been impacted negatively on account of imposition of anti-dumping duties by these countries on Indian pipes.
On the other hand, India is witnessing dumping of seamless pipes by countries like China, which has impacted domestic demand.
Jindal SAW also announced that Allahabad High Court has approved the composite scheme of arrangement among Jindal SAW, JITF Infralogistics, JITF Shipyards and JITF Waterways and their respective shareholders and creditors.