India’s Maharashtra Seamless Limited (MSL), a producer of carbon steel pipes, hollow section pipes and welded pipes, has reported a net profit of INR 2.8 billion ($33.76 million) in the third quarter (October-December) of the fiscal year 2023-24, up 126.64 percent over the corresponding period of the previous fiscal year, a company statement said on Wednesday, January 31.
The company reported sales revenues of INR 14.3 billion ($172.33 million) during the third quarter, up 28.33 percent year on year, according to the statement.
The company said that it had received an order worth INR 1.16 billion ($14 million) from state-run oil refiner and marketer Indian Oil Corporation (IOC) for supply of seamless pipes, close on the heels of receiving an order in December last year from oil exploration company ONGC Limited for supply of premium casing seamless steel pipes worth INR 1.18 billion ($14.20 million).