Shares of Jindal Saw rose nearly 8 percent and hit a 52-week high of Rs 648 on July 30 after the company posted a year-on-year rise in its consolidated net profit and revenue for the quarter ended June.
The steel pipe maker's Q1 FY25 net profit rose 70.5 percent YoY to Rs 416.4 crore and the revenue rose 12.1 percent YoY to Rs 4,984.8 crore. In the corresponding period of the preceding fiscal, Jindal Saw's net profit was Rs 244,4 crore and revenue was Rs 4,447.4 crore.
At 9.50 AM, Jindal Saw's shares were up over 7 percent at Rs 645. The stock has gained over 23 percent in the past six months, outperforming the Nifty 50 index which gained 15 percent during the same period.
Follow our live blog for all the market action
Jindal Saw's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 37.3 percent YoY to Rs 885.3 crore from Rs 644.8 crore in the year-ago period.
"The company continued to enhance its year-on-year performance supported by additional capacities from acquisition and merger of Sathavahana Ispat Ltd operations, as well as improved execution of large export orders, leading to higher turnover and margins," Jindal Saw said in a press release. "Additionally, stable raw material prices and value-added product mix have contributed towards margin improvement across all products."
The company's order book for iron & steel pipes and pellets stood at $1.65 billion, up from $1.53 billion in the previous quarter, with $1,632 million allocated to iron & steel pipes and $15 million to pellets.
In Q1 FY25, Jindal Saw sold around 55,000 MT of rust-free pipes from its south division, which now holds an order book of approximately 2.45 lakh MT for the water sector. Export orders, making up about 32 percent of the total order book, have increased due to rising demand from the water sector driven by urbanisation and smart city projects.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
