India's Jindal SAW posts quarterly profit drop on lower demand
The company's consolidated net profit after tax decreased 42% to 2.91 billion rupees ($34.5 million) in the three months ended March 31.
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Revenue from operations fell about 7% to 50.47 billion rupees. Sales of iron and steel pipes dropped 9.2% to 434,000 million tonnes.
For further earnings highlights, click.
KEY CONTEXT
Domestic steel demand in the January-March quarter was lower than a year earlier as government spending, which had ramped up ahead of the 2024 national general elections, tapered off.
However, falling prices of iron ore and coking coal, key raw materials, lowered Jindal SAW's expenses, which dropped 4.7% to 46.02 billion rupees.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JANUARY-MARCH STOCK PERFORMANCE
-- All data from LSEG IBES
-- $1 = 84.3940 Indian rupees
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