India’s Jindal SAW reported a rise in second-quarter profit on Friday, as demand in its key Middle East and North Africa (MENA) markets remained steady while expenses came in nearly flat. The company, which makes steel pipes for the energy, transportation and water sectors, said its consolidated profit after tax grew 32.5% to 5 billion rupees (USD 59.5 million) in the three months ended Sept 30.
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Jindal SAW’s quarterly raw materials expenses dropped 14.4% from a year ago. The falling prices of iron ore and coking coal, key raw materials for steel firms, were expected to partially offset the weak steel prices, analysts had said.
Steel prices in India plunged to a more than three-year low in August, as the world’s second-biggest crude steel producer remained a net importer of the metal. India’s stainless steel maker Jindal Stainless posted a decline in second-quarter profit on lower steel prices on Thursday.
Industry majors JSW Steel and Jindal Steel are yet to report their September-quarter results.
