Jindal Saw Q2 net profit soars 239% to Rs 74.60 cr

Jindal Saw today reported 239% rise in net profit for the July-September quarter, 2014-15, at Rs 74.60 crore on higher sales.

The company which produces pipes used in different industries had clocked Rs 22 crore net profit in the same quarter last fiscal, it said in a statement.

Net turnover of Jindal Saw in Q2, 2014-15 rose to Rs 1,589.50 crore from Rs 1,233.70 crore a year earlier.

The company sold 2.05 lakh tonnes of pipes and pig iron during the quarter. It sold 2.9 lakh tonnes of iron ore during the quarter. About 73% of its sales were within India and the rest from outside.

The company has orders worth around $1 billion and 65% of which is for large diameter pipes.

"The orders for large diameter pipes are slated to be executed by June 2015 and in case of ductile iron pipes, the same are slated to be executed over next 12-18 months or more," it said.

As of September 30, 2014, net debt of the company, on standalone basis, was approximately Rs 3,800 crore.