Mumbai: Steel pipes and tubes maker Jindal Saw today posted 98.71% increase in net profit at Rs82.05 crore for the quarter ended 30 June, compared to Rs41.29 crore for the same quarter last year.
Total income (net of excise) was up 33.77% to Rs1,286.99 crore from Rs962.07 crore, the company informed the Bombay Stock Exchange.
The boom in Oil and Gas exploration and production over the last few years has lead to a surge in demand for tubular products, similarly the demand for ductile iron pipes, which is main product of pipeline for water supply, is also increasing rapidly.
“Accordingly, Jindal Saw expect a significant growth in the Ductile Iron Pipe demand,” the company added.
Shares of the company closed at Rs690.80, up 0.74% on BSE.