Leading Steel pipemaker Jindal Saw Ltd. has announced its first quarter financial results for the fiscal year 2010.

According to the company officials, the net profit of the company has gone up while the margin has declined in this period under review. The company has managed to register an impressive net profit rise of 11%.

The company has posted a net profit of Rs 1.49 billion for the quarter that ended in 30th June, 2010. This has been informed by Jindal Saw in a filing at the Bombay Stock Exchange.  

The revenue of the company has declined to Rs 11.35 billion during the April-June quarter of fiscal year 2010-11. There has been a decline of 24% in the net revenue of the firm in this quarter this year against same period in last year.

Vinay Gupta, VP-finance for Jindal Saw Ltd has informed that there has been a tough competition in the market which has affected the margin of the firm. Moreover, slower order flow has been another cause of the decline in the net margin.