Steel pipes maker JTL Industries Ltd has posted a Rs 36.65 crore consolidated net profit during the fourth quarter of financial year 2022-23, on account of higher income.

At Rs 36.65 crore, the net profit was almost double of Rs 18.94 crore during the January-March period of fiscal year 2021-22, JTL Industries said in a regulatory filing on Wednesday.

During the quarter under review, the company’s total income also rose to Rs 473.09 crore, from Rs 417.64 crore in the year-ago quarter.

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While the company’s total expenses rose to Rs 422.73 crore in the period under review, from Rs 392.94 crore a year ago.

According to the filing, the board of the company has also recommended a dividend of Rs 0.20 per equity share of face value of Rs 2 for the financial year ended March 31, 2023.

JTL Industries Ltd (formerly known as JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 5.85 lakh metric tons per annum.