JTL Industries shares rise as PAT grows 52% in first half of FY24, revenue rises 37%

Shares of JTL Industries were up in Thursday's trade to hit new record highs after the company announced its earnings for the quarter and half-year ended on September 30, 2023.

JTL Industries reported a 34 per cent rise in the net profit on a year-on-year (YoY) basis to 27.91 crore in the September 2023 quarter, compared to net profit at Rs 20.90 crore in the year ago period. Its revenue from operations increased about 37 per cent on a yearly basis to Rs 502.10 crore from Rs 356.93 crore.

For the half year ended on September 30, 2023, the net profit of the company rallied more than 52 per cent to Rs 53.28 crore, compared to Rs 32.98 crore in the year ago period. The revenue from operations came in at Rs 1,006.96 in the first half of the ongoing fiscal, up 37 per cent from Rs 733.96 crore in the year-ago period.

Following the announcement, shares of JTL Industries gained more than 3 per cent to Rs 242.15, its new all-time high on Thursday, commanding a total market capitalization of more than 4,000 crore. The scrip had settled at Rs 234.85 in the previous trading session on Wednesday.

The stock has surged about 40 per cent in the last six months, while it has rallied about 50 per cent in the year 2023 so far. The scrip has gained around 3,000 per cent from its Covid-19 lows. The stock had traded ex-bonus in the previous year.

JTL Industries has recorded its highest ever quarterly sales volume of 81,686 metric tonnes (MT) in July-September 2023 period (Q2FY24), a growth of 56.78 per cent over Q2FY23 driven by robust demand in both domestic and international markets. It achieved its highest ever first half yearly sales volume at 1,59,028 MT in the first half of the current fiscal year (H1FY24).

JTL Industries is among the largest producer of electric resistance welded (ERW) steel pipes in India. The company, formerly known as JTL Infra, has a capacity to produce more than 6 lakh metric tonnes per annum. It also exports its products to various offshore markets.

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