On Monday, a company that specializes in manufacturing and trading plastic pipes and fittings saw a 7% increase in its stock price to ₹79.50 per share. Additionally, the company has taken legal action against L&T for alleged non-payment and withholding of outstanding dues.
Texmo Pipes & Products Ltd. is a micro-cap company with a market capitalization of ₹228 crore. At 2:55 p.m, the company shares were trading at ₹78 a share, an increase of 5.26 percent from the previous closing price on the stock exchange.
Texmo Pipes & Products Ltd has filed an Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) with the Hon’ble National Company Law Tribunal (NCLT) against Larsen and Toubro Limited, a Corporate Debtor, for their failure to pay and withhold outstanding dues related to the supply of goods. This filing was made as per the company’s exchange filing on June 01, 2024.
The company, acting as an Operational Creditor, has filed a claim with the Hon’ble NCLT Tribunal for the recovery and payment of its outstanding dues amounting to ₹23.51 crores, pertaining to the supply of goods.
Texmo Pipes has not provided clarification on which order the amount due pertains to or when the company executed it.
Texmo Pipes and Products specializes in the manufacturing and trading of PVC, HDPE, SWR, Sprinkler, Drip, CPVC Pipes & Fittings.
The company saw a notable shift in its financial performance year-over-year. After registering a loss of ₹72 crore in FY 22-23, it managed to achieve a profit of ₹5 crore in FY 23-24. Additionally, its revenue experienced a decline of 16%, decreasing from ₹635 crore to ₹534 crore.
Texmo Pipes & Products Ltd’s shares have appreciated by 8% over the last six months and by 31% over the last 12 months.
The company predominantly generates its revenue from the sale of traded goods, which accounts for 94%, followed by approximately 5% from freight and logistics, with the remaining 1% coming from other sources of income.
Texmo Pipes & Products Ltd boasts a diverse clientele base, including prominent entities such as BSNL, IRCTC, CSIDC, MTNL, Power Grid Corporation, Tata Power, Idea, Reliance Communications, Siemens, among others.
Written by Omkar Chitnis
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