Steel pipe maker Jindal Saw today reported a 10 per cent growth in standalone net profit at Rs 106.17 crore for the quarter ended March 31, 2016.
The firm, part of the OP Jindal Group, had clocked a net profit of Rs 96.38 crore in the year-ago period, it said in a regulatory filing.
Its total standalone income, however fell by 13 per cent to Rs 1,807.30 crore in January-March quarter of last fiscal from Rs 2,084.02 crore during the same quarter of 2014-15.
Total expenses of the firm declined to Rs 1,557.30 crore from Rs 1,909.49 crore during the same quarter in the preceding fiscal.
In the filing the firm said: "The Board has decided to discontinue operations in Algeria and Spain and provided for losses of these operations which are being shown as exceptional items in standalone financials and assets..."
For the entire 2015-15, Jindal Saw's standalone net profit was higher at Rs 367.04 crore from Rs 285.40 crore in 2014-15.
Total income was lower at Rs 6,144 crore from Rs 6,604 crore during the same period.
The firm is a manufacturer and supplier of iron and steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and UAE.
