Jindal Saw Q3 PAT rises manifold to Rs 143 cr, revenue from operationss up

Jindal Saw Ltd on Wednesday reported manifold rise in its consolidated profit after tax at Rs 143.23 crore in the December 2022 quarter.

The company had posted a profit after tax of Rs 0.68 crore in the year-ago period, it said in a regulatory filing.

The consolidated revenue from operations in the October-December period increased to Rs 5,157.94 crore, over Rs 3,471.04 crore in the corresponding period of previous fiscal, the filing said.

During the quarter ended December 31, 2022, the company's profitability improved significantly as compared to the previous quarter ended September 2022 on account of positive demand off take and superior execution across key pipe categories.

However, the extreme volatility in foreign exchange rates (Indian rupee to US dollar) continued to impact the net profit of the company during the third quarter of the current financial year.

Stability in key raw material prices helped the company to maintain its order book position despite higher shipments reported in the third quarter of the current financial year. Similar momentum is expected to continue in the coming quarters as well, across all segments driven by better demand visibility.

On the outlook, the company said that the future of the global steel pipe market looks promising with opportunities in oil and gas, water and wastewater, power generation, automotive, and other industrial sector.