Vibhor Steel Tubes shares Q3 results, says profit at Rs 6.19 cr; stock down 34% after solid listing in Feb

Newly debutant Vibhor Steel Tubes Ltd, whose shares have cracked 34 per cent from its listing day high last month, on Thursday said its profit for the December quarter stood at Rs 4.31 crore. The profit for the nine-month ended December 31 stood at Rs 12.83 crore. For the year ended FY23, the profit print came in at Rs 21.06 crore. Net sales for the December quarter came in at Rs 251 crore. For the nine-month period ended December 31, profit stood Rs 781.51 crore while it was Rs 1,114.30 crore for the financial year 2022-23.

The maker of steel products on February 16 issued and allotted 47,79,444 equity shares of Rs 10 each at Rs 151 per share through fresh issue IPO route. The stock hit a high of Rs 446.25 on the day of its market debut, climbing as much as 192 per cent over its issue price, before taking a hit. It tested a Rs sub-300 level on Wednesday and was down 34 per cent from its all-time high level.

On Thursday, shares of Vibhor Steel Tubes were trading 1.02 per cent lower at Rs 310.

The stock made its debut on February 20 at Rs 425 on NSE and Rs 421 on BSE. It delivered a listing pop of 181 per cent over its the IPO issue price.