India’s Jindal Saw reported strong net profit growth for the quarter ending June 30, 2024. Net profit surged 70.5pct YoY to INR 416.4 crore (USD 49.7 mln), while revenue grew 12.1pct YoY to INR 4,984.8 crore (USD 595 mln).
The company’s steel pipe output increased by 12pct YoY to 439,000 tons, and pellet production rose 15pct YoY to 426,000 tons. Pipe sales grew 8pct YoY to 400,000 tons, and iron ore pellet sales increased 5pct YoY to 413,000 tons.
The company’s orderbook for iron & steel pipes and pellets reached USD 1.65 bln, up from USD 1.53 bln in the previous quarter. Of this, USD 1.63 bln is allocated to iron & steel pipes and USD 15 mln to pellets. Jindal Saw Gulf LLC (UAE subsidiary) holds an additional USD 251 mln in orders.
Domestic demand remains strong, with the south division selling 55,000 tons of rust-free pipes in Q1 FY25. The order book for this division stands at 245,000 tons as of June 30, 2024, compared to 173,000 tons as of March 31, 2024, the company said.
Jindal SAW’s UAE operations sold 36,800 tons of rust-free pipes in Q1 FY25, up from 26,200 tons in Q4 FY24. Export orders make up 32pct of the total order book, driven by both traditional oil and gas demand and increasing water sector needs.
Jindal Saw, a global manufacturer of steel pipe products and fittings, operates facilities in India, the USA, Europe, and the UAE. It specializes in SAW and spiral pipes for energy transport, carbon, alloy, and seamless pipes for industrial use, and ductile iron pipes for water and wastewater. The company also runs a low-grade iron ore mine and beneficiation plant in Rajasthan, India.
1 USD / 83.7 INR