JTL Industries reports 47% rise in PAT in Q3; stock corrects from 52-week high

JTL Industries Ltd on Friday reported a 47.22 per cent rise in the consolidated net profit on a year-on-year (YoY) basis at Rs 30.18 crore in the quarter ended on December 31, 2023. The company had clocked a bottomline of Rs 20.5 crore in the year ago period. On a sequential basis, the profit increased over 8 per cent from Rs 27.91 crore in September 2023 quarter.

Its consolidated revenue from operations increased 65.26 per cent YoY to Rs 567.39 crore in the third quarter of the ongoing financial year, which was Rs 343.33 crore in the same period a year ago. The company's revenue from operations stood at Rs 502.10 crore in the preceding quarter ended on September 30, 2023.

EBITDA for the December 2023 quarter came in at Rs 42.51 crore, up 46.35 per cent YoY from Rs 29.04 crore in the December 2022 quarter. EBITDA margins improved 97 basis points during the quarter under review.

For the nine month ended on December 31, 2023, JTL Industries reported a 56.11 per cent growth in the consolidated net profit at Rs 83.49 crore from Rs 53.48 crore in the same period a year ago. Revenue from operations on a consolidated basis jumped over 46 per cent to Rs 1,574.29 crore in the 9MFY24.

JTL Industries has proposed to raise capital of Rs 1310 crore, in which promoter group will contribute Rs 540 crore, while public and non-promoter category will infuse Rs 270 crore, and the remaining Rs 500 crore will be raised through the QIP route. These funds will be utilised to augment JTL’s manufacturing capacity in Maharashtra.

Revenue is expected to grow by 30-35 per cent from FY23 to FY24 led by increasing sales volume, and greater contribution of value-added products in the sales mix. EBITDA for FY24 is expected to stay within similar lines as witnessed in FY23, said the company management in its estimates.

jtlind-share-price-364096?utm_source=topic&utm_medium=topic&utm_campaign=topic">Shares of JTL Industries gave up their early gains to trade lower at Rs 247.50 on Monday, commanding a total market capitalization of Rs 4,250 crore. The stock had hit a 52-week high at Rs 267.45 during the session on Friday.

Incorporated in 1991, JTL Industries is a fast growing dynamic steel tube manufacturing company, which specializes in producing ERW Black Pipes, pre galvanized & galvanized steel pipes, large diameter steel tubes & pipes, and hollow structures. It manufactures pipes with diameters spanning from 0.5 inches to 10 inches.

It operates through four manufacturing facilities located in Punjab, Maharashtra, and Chhattisgarh. These facilities are equipped with a cumulative manufacturing capacity of 5,86,000 MTPA. The Company has 10 registered brands which cater to a diverse range of industries such as construction, core infrastructure, water distribution,heavy vehicles, Energy, and many more.

Also read: Hot stocks on January 12: Nykaa, IRCTC, Avanti Feeds, KPI Green Energy and more

Also read: Stock recommendations by analyst for January 12, 2024: RVNL, Exide Industries and LT Foods

Also read: Cyient shares rally 7%; IT firm signs MoU with Japanese eVTOL aircraft manufacturer