Jindal Saw Q1 PAT down at Rs 82.8 cr

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Jindal Saw Q1 PAT down at Rs 82.8 cr

Jindal Saw has announced its first quarter results. The company's Q1 net profit was down at Rs 82.8 crore versus Rs 149 crore, year-on-year, YoY.

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Jindal Saw has announced its first quarter results. The company's Q1 net profit was down at Rs 82.8 crore versus Rs 149 crore, year-on-year, YoY, a 44% dip.

Its net sales were down at Rs 1,133 crore versus Rs 1,135 crore, YoY. Out of the total sales of Jindal Saw, 48% originated from India and the remaining 52% came from outside India.

The company had posted a net profit of Rs 148.8 crore in the April-June quarter in FY11, Jindal Saw said in a statement.

The total income of the pipe maker in the first quarter in the current fiscal also decreased from Rs 1,144.9 crore, over Rs 1,137 crore for the same period in 2010-11, it said.

The pipe maker as on April, 2011 has a order book of approximately USD 800 million, slated to be executed by March-end next year.

"The company has participated in various bids and likely to get orders in phases. The current order book includes export orders of approximately 65%. The major export orders are from Middle East, Gulf region and South East Asia, China and Far East," Jindal Saw said.

Talking about its new projects, the company said the operations from its greenfield facility in UAE in which it has a majority stake is expected to begin in the current fiscal.

Its ductile iron plant is also likely to commence its operations in 2011-12, it said.

JSL said it expects some pressure on its revenue and profitability in the short to medium term as volatility in prices and higher petroleum prices are likely to remain major issues. Therefore the company is working on cost control, improvement in operational efficiency among others.

With inputs from PTI