<p>Bengaluru: India's Jindal SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew.</p>.<p>The company posted a consolidated profit after tax of Rs 5.32 billion for the quarter ended Dec. 31, 2023 from Rs 2.14 billion a year ago.</p>.<p>The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron steel pipes rose to $1.49 billion from $1.32 billion a year ago.</p>.<p>"Higher exports, improved volumes and range-bound raw material prices have contributed towards margin improvement," the company said in a statement.</p>.<p>Exports accounted for over 35 per cent of its order book, which analysts said helped offset the effect of falling domestic steel prices, as global prices remained elevated.</p>.<p>Its UAE-based unit recorded an order book of $135 million. Jindal SAW's international clients include companies like Shell , Saudi Aramco, and Schaeffler Group .</p>.<p>"We expect the business scenario to remain positive in the coming quarters despite the volatile geopolitical situation in the MENA and GCC (Gulf Cooperation Council) region." it said.</p>.<p>Sales of pipes jumped 15 per cent, while production rose 19 per cent, the company said.</p>.<p>Its revenue from operations jumped nearly 10 per cent to 56.56 billion rupees, while its raw material costs dropped 5 per cent.</p>.<p>Shares of the company jumped 2.9 per cent to hit a record high after results.</p>
<p>Bengaluru: India's Jindal SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew.</p>.<p>The company posted a consolidated profit after tax of Rs 5.32 billion for the quarter ended Dec. 31, 2023 from Rs 2.14 billion a year ago.</p>.<p>The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron steel pipes rose to $1.49 billion from $1.32 billion a year ago.</p>.<p>"Higher exports, improved volumes and range-bound raw material prices have contributed towards margin improvement," the company said in a statement.</p>.<p>Exports accounted for over 35 per cent of its order book, which analysts said helped offset the effect of falling domestic steel prices, as global prices remained elevated.</p>.<p>Its UAE-based unit recorded an order book of $135 million. Jindal SAW's international clients include companies like Shell , Saudi Aramco, and Schaeffler Group .</p>.<p>"We expect the business scenario to remain positive in the coming quarters despite the volatile geopolitical situation in the MENA and GCC (Gulf Cooperation Council) region." it said.</p>.<p>Sales of pipes jumped 15 per cent, while production rose 19 per cent, the company said.</p>.<p>Its revenue from operations jumped nearly 10 per cent to 56.56 billion rupees, while its raw material costs dropped 5 per cent.</p>.<p>Shares of the company jumped 2.9 per cent to hit a record high after results.</p>