Jindal Saw Q2 Results

Jindal Saw Ltd has announced the following Unaudited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 900.70 million for the quarter ended September 30, 2007 as compared to Rs 475.70 million for the quarter ended September 30, 2006. Total Income has increased from Rs 11402.90 million for the quarter ended September 30, 2006 to Rs 14305.30 million for the quarter ended September 30, 2007.

The figures for the quarter ended September 30, 2006 are Audited.

Jindal Saw Business Outlook

Jindal Saw Ltd has announced the following Outlook:

Industry

As demand for oil and gas continues to increase, and with high and volatile energy prices, the need to lay more pipelines continues unabated. Global demand for SAW and seamless pipes is likely to remain firm in the period due to rising crude prices and depleting existing oil reserves. Rising energy requirements of the developed world and the emergence of industrial powerhouses in developing countries like China and India are major catalysts of growth in the oil country tubular goods (OTCG) and line pipe (SAW pipes) markets.

Based on continued rapid economic growth and public infrastructure, expansion, drainage, potable water distribution and sewer applications; demand of the ductile iron pipe and large diameter helical pipes is likely to demonstrate robust growth.

Company

The Company offers a diversified product mix with products spanning HSAW, LSAW seamless and DI pipes. This places the Company in a unique position to tap the demand upswing in three different user segments, viz, oil & gas exploration and production (seamless pipes), oil & gas transportation (LSAW and HSAW pipes) and water infrastructure (DI and HSAW pipes).

The divestment of economic interests in its offshore affiliates / subsidiaries will also benefit the Company by focusing more on consolidation, capacity enhancement / creation, efficiency enhancement and improvement in credit profile.