Jindal SAW Q3 Results: Profit grows twofold; order book swells
SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew.
The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago.
The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron & steel pipes rose to $1.49 billion from $1.32 billion a year ago.
«Higher exports, improved volumes and range-bound raw material prices have contributed towards margin improvement,» the company said in a statement.
Exports accounted for over 35% of its order book, which analysts said helped offset the effect of falling domestic steel prices, as global prices remained elevated.
Its UAE-based unit recorded an order book of $135 million.
