JTL Industries shares rise 5% after Q3 biz updates; check details

Shares of JTL Industries Ltd surged about 5 per cent during the early trading session on Tuesday after the company shared business updates for the quarter ended on December 31, 2023. The company informed about the same through an exchange filing after the market hours on Monday.

"JTL Industries has recorded its highest ever quarterly sales volume of 1,00,905 MT, exhibiting a rigorous and robust growth of 76.05 per cent on a year-on-year (YoY) basis.over Q3 FY23 driven by healthy demand for its structural steel tubes and pipes finding application in infrastructure and industrial sectors in both domestic and international markets," said the company.

JTL recorded 35.39 per cent growth in volumes of value-added products which stood at 19,789 MT for Q3FY24, surpassing the sales volume of 14,616 MT recorded during Q3 FY23, the exchange filing with the bourses added. In Q3 FY24, its wholly owned subsidiary JTL Tubes is establishing a mega capacity augmentation project in Maharashtra, it said.

Following the announcement of Q3 updates, shares of JTL Industries gained about 4.70 per cent to Rs 248.80 on Tuesday, commanding a total market capitalization of close to Rs 4,250 crore. The scrip had settled at Rs 237.65 in the previous trading session Monday.

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To finance its project in Maharashtra, JTL Industries is set to raise Rs 1,310 crore through various routes, including but not limited to qualified institutional placement (QIP). Within the total fundraise, the promoter and promoter group will be contributing Rs 540 crore, while the public, non-promoter group will be contributing Rs 270 crore, with Rs 500 crore via QIP route.

JTL Industries recorded its highest ever 9-month sales volume, rising 62.32 per cent YoY, reaching an unprecedented 2,59,933 MT, surpassing FY23 sales volume of 2,40,316 MT. The company witnessed a remarkable increase in sales of value-added products, with a substantial 46.79 per cent growth, from 54,837 MT in 9M FY23 to 80,497 MT in 9MFY24, said the filing further.

JTL Industries, formerly known as JTL Infra, is a fast-growing dynamic steel tube manufacturing company which specializes in producing ERW black pipes, pre galvanized and galvanized steel pipes, large Diameter steel tubes and pipes, and hollow structure.

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