Jindal SAW announced a significant increase in its second-quarter profit on Friday, driven by consistent demand in its primary markets of the Middle East and North Africa (MENA) and stable expenses. The company, which specializes in manufacturing steel pipes for the energy, transportation, and water sectors, reported a consolidated profit after tax of ₹500 crore ($59.5 million) for the quarter ending September 30, marking a 32.5% increase compared to the previous year.
Notably, Jindal SAW’s raw material costs decreased by 14.4% year-over-year, attributed to declining prices of iron ore and coking coal—two critical inputs for steel production. Analysts had anticipated that these falling raw material prices could help mitigate the impact of weaker steel prices.
In August, steel prices in India dropped to their lowest level in over three years, as the country, the world’s second-largest producer of crude steel, remained a net importer of the metal. Meanwhile, Jindal Stainless, another player in the industry, reported a decrease in second-quarter profits due to lower steel prices. Results from major competitors JSW Steel and Jindal Steel are still pending for the September quarter.
Jindal SAW Ltd is a leading global manufacturer and supplier of iron and steel pipes, catering to the energy, water, and industrial sectors. With its diverse product portfolio, which includes large diameter submerged arc welded (L-SAW) pipes, seamless tubes, ductile iron pipes, and carbon, alloy, and stainless steel products, the company plays a critical role in infrastructure development.
Headquartered in India, Jindal SAW has a strong international presence, exporting its products to over 50 countries. The company is known for its technological innovation, sustainability efforts, and a commitment to meeting the growing demands of industries ranging from oil and gas to water management.
