The shares of a leading producer of TMT bar gained up to 4 percent after the company’s net profit increased by 785 percent in the third quarter result.
With a market capitalization of Rs 16,205.48 crore, the shares of Jai Balaji Industries Ltd were trading up to 1,019.00 per share, increasing around 3.07 percent as compared to the previous closing price of Rs 988.65 per share.
Looking into the company’s Performance, Jai Balaji Industries Ltd’s revenue decreased by 0.5 percent on a quarter-on-quarter basis from Rs. 1,547 crores in Q2FY24 to Rs. 1,539 crores in Q3 FY24. Further, revenue increased by 0.13 percent year on year from Rs. 1,537 crores in Q3FY23 to Rs.1,539 crores in Q3FY24.
Jai Balaji Industries Ltd’s net profit increased by 16 percent on a quarter-on-quarter basis from Rs. 202 crores in Q2FY24 to Rs. 235 crores in Q3FY24. Further, net profit increased by 739 percent year on year from Rs. 28 crores in Q3FY23 to Rs.235 crores in Q3FY24.
The firm has a robust capex plan of Rs. 10,000 Mn in place, of which Rs. 3,808 Mn has already been spent from internal accruals, and the remaining is projected to be completed in 18 to 24 months using internal accruals solely.
The business’s debt has been decreased to Rs. 6,370 Mn as of December 31st, 23, and the company expects to be net debt-free in 18 months, while simultaneously enhancing operational efficiency and capacity utilization.
When it comes to revenue from the geographic segment, the company’s revenue in India increased by 28%, from Rs 4,452.92 crore in FY2021–22 to Rs 5,707.84 crore in FY2022–23, while revenue from outside of India increased by 74 percent from Rs 239.57 crore in FY2021-22 to Rs 417.22 crore in FY2022-23.
Jai Balaji Industries Limited manufactures iron and steel goods. The company produces sponge iron, pig iron, ductile iron pipe, ferro chrome, billet, thermal mechanically treated (TMT), coke, and sinter with a captive power plant.
Written by:- Abhishek Singh
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