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Sales volume rose by 56.8% to 81,686 MT in Q2 FY24 from 52,102 MT in Q2 FY23.
EBITDA improved by 16.4% to Rs 37.41 crore in Q2 FY24 over Q2 FY23, led by increase in scale of operations. EBITDA margin in the second quarter was 7.45% as against 8.79% in the same period last year. This decline in margins was due to volatility in steel prices.
Profit before tax in Q2 FY24 stood at Rs 37.81 crore, up by 32% from Rs 28.66 crore in Q2 FY23.
The companyfs chairman stated: gStaying true to our objective of increasing the share of value added products, we registered a phenomenal growth of 50.93% in the volume in H1 FY24 compared to the same period last year taking our total share of value added products to 38.17% of our total sales mix. This keeps us in line with our target to reach 40% by FY24.
Moreover, to enhance our manufacturing capabilities we have strategic plans to implement Direct Forming Technology (DFT) at our Mangaon facility by Q3 FY24. This adoption of DFT will result in a substantial boost to our manufacturing capacity, adding 1,00,000 MTPA. This initiative will not only enhance our capacity utilization and manufacturing efficiency significantly but also open doors to new geographical markets.
JTL Industries is engaged in the manufacturing and export of black and galvanised electric resistance welded (ERW) steel pipes and tubes through its four manufacturing units located at Derabassi (Punjab), Mangaon (Maharashtra), Mandi (Punjab), and Raipur (Chhattisgarh).
The scrip rose 0.30% to currently trade at Rs 235.55 on the BSE.
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