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Jindal SAW on Thursday reported over three fold decline in its net profit at Rs 36.54 crore for the quarter ended December 31, 2011, largely due to flat sales and foreign exchange loss.
The company had reported a net profit of Rs 125.01 crore during the corresponding quarter of 2010—11.
Net sales of the leading SAW (submerged arc welded) pipe maker remained almost flat at Rs 1,093.69 crore during the quarter under review against Rs 1,063.41 crore in the year ago period, it said in a filing to the BSE.
Its cost on raw materials rose by over 32 per cent during the period to Rs 861.92 crore, the filing said, adding that the company incurred a foreign exchange loss of Rs 32.46 crore in the quarter.
Company’s net profit for the nine month period ended December 31, 2011, declined by 54.24 per cent to Rs 173.07 crore, while its net sales rose by over 22 per cent to Rs 3,672.72 crore, it said.
Shares of the company closed at Rs 140.35 apiece on the BSE today, down 1.47 per cent from the previous close.
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