Shares of steel pipe maker JTL Industries traded positive on Thursday on the back of strong quarterly earnings. The stock opened at Rs 346 with a gain from the previous close of Rs 328.60. It was trading strongly at Rs 334 per share at 2:30 pm.
The company posted a consolidated net profit of Rs 36.65 crore during the January-March quarter of the financial year 2022-23, it said in a regulatory filing. The gain was driven by higher earnings across the segment.
At Rs 36.65 crore, it said the net profit was almost double from Rs 18.94 crore during the same quarter last fiscal.
Read also: Reliance Capital auction: Hinduja group firm becomes highest bidder with offer of Rs 9,650 crore
The total income of the firm increased to Rs 473.09 crore during the quarter under review. 417.64 crore in the same period a year ago. Expenses for the quarter increased to Rs 422.73 crore as against Rs 392.94 crore during the same period in FY12.
Meanwhile, the company has also announced payment of 10 per cent interim dividend per equity share to its investors for the financial year ending March 31, 2023. This translates into a dividend of Rs 0.20 per share of face value of Rs 2.
JTL Industries is the largest producer of Electric Resistance Welded (ERW) steel pipe in the country. The company has the capacity to produce more than 5.85 Lakh MT annually.