Jindal Saw net profit rises 49% to Rs 70 cr

CORPORATE SCORECARD

Pipe manufacturer Jindal Saw has posted 49.05 per cent increase in net profit to Rs 70.25 crore for the quarter ended March 31 compared with Rs 47.13 crore for the same quarter last year. The total income (net of excise) increased 33.21 per cent to Rs 1,272.27 crore for the second quarter ended March 31 from Rs 955.04 crore in the corresponding quarter last year, the company said.

The Increased focus on improvement of the water and sanitation facilities is offering ample business opportunities to the companies supporting the water and sewage infrastructure, the company said.

Considering the increased E&P activities leading to higher demand of seamless tubes, the company projects a significant growth in the SAW pipe, seamless pipe and ductile iron pipe business. The company has global distribution mechanism for its diversified business portfolio. It has a presence in various businesses segments, including SAW pipe, seamless pipe, ductile iron pipe and steel plates. The board has appointed Indresh Batra as the managing director with effect from April 28, for five years.

The growth in crude demand is resulting in 'tight' pipeline capacities in various regions across the world. Lack of capacity is likely to temper the distribution market resulting in fuel shortages or retail price hike, the company said.