Jindal Saw secures $355 million order for pipes from US
21 Feb 2007
Mumbai: Jindal Saw Ltd has bagged its single largest order aggregating to approximately $355 million (Rs1,560 crore) from a major US corporation.
The
order involves supply of 42" submerged arc-welded
pipes (L Saw Pipes). The order is for the supply of approximately
360 miles, including double jointing and coating, of pipes.
The order, which is scheduled to be executed by March 2008, has been received from an existing large client of the company demonstrating the company''s ability to supply pipes in a high quality market. The order has been bagged through a competitive bidding process and will be executed out of US operations, the company said in a filing with the Bombay Stock Exchange (BSE).
With this order, Jindal Saw''s present order book exceeds $1.50 billion (Rs6,600 crore). The orders are scheduled to be completed by March / April 2008.
Jindal Saw reported a 50 per cent increase in net profit at Rs60.13 crore for the quarter ended December 30, 2006 as compared to Rs40.21 crore for the same quarter the previous year.
Net sales of the quarter rose 45.50 per cent to Rs1,192,8 crore as against Rs819.8 crore in the corresponding previous quarter. Total income (net of excise) grew 45.31 per cent to Rs1,193.6 crore from Rs821.4 crore in the preceding year.