Jindal Saw Ltd Share Price – NSE  /  BSE

Steel, Small Cap

The board of Jindal Saw at its meeting held on 28 March 2024 has approved the sale of shareholding in Quality Iron and Steel, a wholly owned subsidiary of the Company to Jindal Urban Infrastructure Services.

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Total income jumped 9.51% YoY to Rs 5,696.8 crore in Q3 FY24.

EBITDA stood at Rs 1029.8 crore in Q3 FY24, registering the growth of 90.92% as compared with Rs 539.4 crore in Q3 FY23.

Revenue from iron & steel pipes jumped 15%YoY to Rs 4,42,800 MT in Q3 FY24. Production of Iron & steel pipes jumped 19% to 4,50,300 MT as compared with 3,79,500 MT produced in Q3 FY23.

Pellets sales fell 3% to Rs 3,87,800 MT in Q3 FY24 as against 3,98,300 MT in Q3 FY23. Production fell 6% to 3,86,900 from 4,11,200 MT in corresponding quarter last year.

The company reported growth in volumes due to strong execution resulting in improved turnover and margins. Higher exports, improved volumes and range bound raw material prices have contributed towards margin improvement.

The current order book for Iron & Steel pipes and pellets is approximately $1.49 billion as compared with previous quarter around $1.44 billion.

“The order book includes around 35% of orders from global markets, which reflects good opportunities for exports. The order book gives a visibility of approximately three quarters even though few orders may be executed in the next 9-12 months period. We expect the business scenario to remain positive in the coming quarters despite the volatile geopolitical situation in the MENA and GCC region,” the company stated in exchange filing.

On outlook front, the company said that the expansion of industries such as construction, automotive, and oil and gas, is escalating the demand for steel tubes, given their strength, durability, and versatility. The demand for steel tubes in the Middle East region is primarily driven by the need for pipelines and infrastructure in the oil and gas industry.

Governments in the region (including India) are investing heavily in infrastructure projects, which include transportation networks, urban development including water and wastewater network, and energy projects, fueling the demand for iron and steel tubes and pipes.

Meanwhile, the company has filed the scheme of amalgamation of Jindal Quality Tubular (JQTL), Jindal Tubular (India) (JTIL) and Jindal Fittings (JFL) with NCLT, Allahabad bench for their approval. The next hearing is scheduled for 1st February,2024.

Jindal Saw is engaged in a leading manufacturer and supplier of Iron & Steel pipes and pellets having manufacturing facilities in India.

The scrip hit an all time high at Rs 530 in intraday today.

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Net profit of Jindal Saw rose 147.88% to Rs 531.56 crore in the quarter ended December 2023 as against Rs 214.44 crore during the previous quarter ended December 2022. Sales rose 9.65% to Rs 5655.79 crore in the quarter ended December 2023 as against Rs 5157.94 crore during the previous quarter ended December 2022.

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Jindal Saw will hold a meeting of the Board of Directors of the Company on 16 January 2024.

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