Jindal SAW April-June net profit up by nearly 90 percent

Mumbai, July 27 (IANS) Jindal SAW Ltd, a part of the $18-bn O.P. Jindal Group, on Monday posted a rise in its net profit by 89.83 percent for the period April-June this year at Rs.104.22 crore.

In the corresponding period last year, the Submerged Arc Welded (SAW) Pipes manufacturer posted a profit of Rs.54.90 crore.

Its net income from operations during the period under review rose by 66.41 percent at Rs.1912.22 crore against Rs.1149.07 crore in the year-ago period.

In a filing with the Bombay Stock Exchange, the company said India accounted for 57 percent of the total sales during the period under consideration while sales outside the country contributed to the remaining 43 percent.

The company said the demand for seamless pipes remained weaker in all business segments on account of dumping of the same from China and imposition of anti-dumping duty by North America on Oil country tubular goods product range.

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