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19 JUL 2010 Jindal SAW Q1 net profit up 11% for the quarter ended June 30, 2010
Publication: Hindu Business Line
Jindal SAW Ltd on Monday announced an 11 per cent increase in net profit for the quarter ended June 30, 2010. Net profit for the quarter under review stood at Rs 151.11 crore as against Rs 135.99 crore in the corresponding quarter last fiscal. Net sales for the quarter stood at Rs 1,134.99 crore, a dip of 24 per cent against Rs 1,500.22 crore in the corresponding quarter last year. “Recent global meltdown in the economy has seen a weakness in the demand for SAW pipes. However, through Jindal SAW's wholly owned subsidiary, Jindal ITF Ltd, the company has ventured into businesses like water and waste water management, urban waste management, coastal and inland water transport, and rail wagon manufacturing. Of these businesses, water/waste water management and coastal/inland water transport have started generating revenue,” said the company commenting on the results for the quarter. At close of trade on the BSE on Monday, Jindal SAW Ltd's share price stood at Rs 202.25, down by about 0.12 per cent from the previous close of trade. – Our Bureau