Richi Bansal, WTD & CEO of RSTL, said: "The reduction of our bank loans demonstrates our dedication to prudent financial management and sustainable growth. We remain focused on optimizing our capital structure, reducing debt burdens, and maximizing shareholder returns."

Rama Steel Tubes is engaged in the business of manufacturing of Steel Pipes and related products.

The company reported a 21.61% increase in consolidated net profit to Rs 6.19 crore in Q2 FY24 as against Rs 5.09 crore in Q2 FY23. However, revenue from operations declined 41.44% year on year to Rs 203.33 crore during the quarter ended 30 September 2023.

The company had reported 22.92% increase in net profit to Rs 9.17 crore despite a 25.08% fall in sales to Rs 262.39 crore in Q3 FY24 over Q3 FY23.

The scrip tumbled 7.08% to currently trade at Rs 14.07 on the BSE.