Multibagger stock which is India’s leading stainless steel manufacturer gains 5 percent after it releases its quarter ended September (Q2FY24) results and declares a dividend of Rs. 1 per equity share.
At 12:50 p.m the shares of Jindal Stainless Limited were trading at Rs. 472.70 up 5 percent from its previous day close price and the market capitalization of the company is Rs. 38,454 Crores.
As per the company’s filing, Jindal Stainless Limited has released their quarter ended September (Q2FY24) Results and it is as follows.
Its consolidated Net Profit grew 120 percent YoY from Rs. 347.02 Crores in Q2FY23 to Rs. 764.03 Crores in Q2FY24 and it grew 3.58 percent QoQ from Rs. 737.58 Crores in Q1FY24 to Rs. 764.03 Crores in Q2FY24.
Its Consolidated Revenue from Operations grew 11.95 percent YoY from Rs. 8,750.86 Crores in Q2FY23 to Rs. 9,797.04 Crores in Q2FY24 and it declined 3.79 percent from Rs. 10,183.96 Crores in Q1FY24 to Rs. 9,797.04 Crores in Q2FY24.
In addition to this, its board of directors have approved to pay an Interim Dividend of Rs. 1 per equity share and October 26, 2023 is fixed as the record date and the dividend payment would be done on or before November 17, 2023.
It has delivered Multibagger returns of 255 percent in a year and 77 percent in the last six months. A shareholders investment of Rs. 1 Lakh in the company would be worth Rs. 3.55 Lakh in a year.
According to the company’s financial statements its revenue grew 9.06 percent from Rs. 32,732.65 Crores in FY22 to Rs. 35,697.03 Crores in FY23, accompanied by decreasing profits of Rs. 3,078.82 Crores to Rs. 2,114.5 Crores.
It has reported a return on equity (ROE) of 22.13 percent and a return on capital employed (ROCE) of 20.97 percent, this indicates that the company is making good returns on its equity and capital employed.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 57.94 percent stake, the Domestic Institutional Investors hold 6.01 percent and the Foreign Institutional Investors (FII) hold 22.20 percent.
Jindal Stainless Limited is part of the famous Indian Conglomerate Group the O.P Jindal Group, it is india’s leading stainless steel manufacturers with a diverse product range which includes, stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel and coin blanks.
Written by: Bharath K.S
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