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Jindal Saw has clocked a 64.4 per cent rise in its third quarter net profit at Rs 60 crore on increased turnover.
The pipe maker had reported a net profit of Rs 36.5 crore in the same quarter last fiscal, it said in a filing to the BSE.
The company’s turnover jumped to Rs 1,722 crore from Rs 1,093 crore on higher sales.
Jindal Saw sold 2.59 lakh tonne pipes during the quarter with overseas sales contributing to 67 per cent of the total sales. The remaining was sold domestically.
As on January 31, 2013, the company has a net debt of Rs 3,200 crore.
“To meet the funds requirement for capital expenditure, the company will raise long-term funds as and when required,” the company said.
Jindal Saw has orders worth around $500 million.
“We expect the company will start getting the benefit of the investment made/to be made in various projects including iron ore and pellete plant which would add to the turnover and profitability of the company in the time to come,” it added.
The company scrip settled at Rs 108 on the BSE, up 1.41 per cent over the previous closing.
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