Jindal Saw Ltd reported a strong Q3 FY24 performance with net profit soaring to Rs 511.7 crore, driven by higher income. The company's order book is robust, with 35% coming from global markets.
New Delhi, Jan 16 (PTI) Jindal Saw Ltd on Tuesday said its net profit jumped over two-fold to Rs 511.7 crore in the quarter ended on December 31, aided by higher income.
It had clocked a profit after tax (PAT) of Rs 143.2 crore in the October-December period of 2022-23, the company said in an exchange filing.
The company's total income rose to Rs 5,696.8 crore in the October-December quarter of 2023-24 from Rs 5,202.2 crore in the year ago period.
The current order book for iron and steel pipes and pellets is at USD 1.49 billion. The order book includes 35 per cent of orders from global markets, which reflects good opportunities for exports.
The company is geared to meet higher requirements from the MENA region where market conditions are thriving in line with respective countries' commitments to infrastructure as per their long-term vision.
"We expect the business scenario to remain positive in the coming quarters despite the volatile geopolitical situation in the MENA and GCC region. Jindal Saw Gulf LLC (UAE Subsidiary) has an order book of USD 135 million, additional to the orders mentioned above," the company said.
Jindal Hunting Energy Services Limited, the company's JV with Hunting Energy Services Pte Limited Singapore, is in the process of seeking necessary approvals following which commercial operations will commence at the Nashik unit.
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