India’s Man Industries Limited (MIL), a producer of specialized submerged arc welded (SAW) and electrical reinforced welded (ERW) steel pipes, has reported a net profit of INR 172.50 million ($2.06 million) in the fourth quarter (January-March) of the fiscal year 2023-24, a decline of 35.9 percent year on year, according to a company statement on Thursday, May 30.
The company achieved sales revenues of INR 7.78 billion ($93.29 million) in the given quarter, up 40.2 percent year on year.
While announcing the fourth quarter financial results, MIL, which provides steel pipes to the oil and gas and water distribution sectors, said that it had received new orders worth INR 4.9 billion ($59 million) from domestic and overseas customers to be delivered within the next six months, taking its total order book to around INR 26 billion ($312 million).