Jindal Saw is trading lower by 4% at Rs 172, extending its Friday’s 3% fall, after reporting a 56% drop in net profit at Rs 80 crore for the quarter ended March 2011 against Rs 180 crore in corresponding quarter of the previous fiscal. Net sales grew single digits by 5% at Rs 1,155 crore on a year-on-year basis.

“The profitability of the company for the March 2011 quarter remains under pressure due to execution of low margins orders, including H Saw orders of GAIL, higher freight cost on few export consignments, higher input and other costs for all the segments," the company said in a filing to the stock exchanges.

The company's net debt was approximately Rs 1,120 crore as on March 31, 2011 and this included FCCB/long term loans, fund-based working capital and other unsecured loans.

The stock opened at Rs 177 and hit a low of Rs 170.30 on the NSE. A combined 603,759 shares have changed hands on the counter till 1215 hours.