Jindal Saw Q3 net profit down 21% to Rs 119cr

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Steel pipe maker Jindal Saw Ltd on Tuesday reported a 21 per cent fall in net profit at Rs 119.69 crore during the quarter ended December 31, mainly on account of increased expenses. The company had posted a net profit of Rs 150.32 crore during the same quarter a year ago, Jindal Saw said in a BSE filing.

Total income in October-December period rose to Rs 2,748 crore from Rs 2,398 crore in the corresponding period a year ago.

However, total expenses rose to Rs 2,537.48 crore as against Rs 2,182 crore in the year-ago quarter.

Jindal Saw is a leading global manufacturer and supplier of iron and steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE.

Shares of the company on Tuesday closed 0.28 per cent lower at Rs 88.70 apiece on the BSE.