The company has been resilient to fluctuations in domestic steel prices, driven by exports accounting for more than 35% of its order book.
Financial results announced for the quarter ending December 31, 2023, showed consolidated profit after tax more than doubled from the previous year, rising to 5.32 billion rupees ($64.1 million). This increase was mainly due to strong demand in the Middle East and North Africa region and a significant increase in the company's order book.
Jindal SAW, as a company specialized in iron and steel pipes focusing on the energy, transportation and water sectors, has experienced a significant increase in its iron and steel pipe order book. The order book increased to $1.49 billion compared to $1.32 billion the previous year. The company emphasized the positive contribution of increasing exports, rising volumes and stable raw material prices to increasing margins.
Jindal SAW's United Arab Emirates-based unit made a significant contribution by recording an order book of $135 million. Major international clients such as Shell, Saudi Aramco and Schaeffler Group underlined Jindal SAW's global reach.
The company expressed optimism for a positive business scenario in the coming quarters despite geopolitical uncertainties in the region. The strong 15% increase in pipe sales and the 19% increase in production stand out as a reflection of Jindal SAW's successful financial performance. The company's revenue increased by an impressive 10% to 56.56 billion rupees, while at the same time there was a 5% decrease in raw material costs. The company's share value reached a record level with an increase of 2.9% after the announced results.
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