JTL Industries advanced 3.25% to Rs 319.15 after the company said that it had recorded quarterly sales volume of 45,934 MT in Q3 FY23, registering a growth of 35% over Q3 FY22 and 13% over Q2 FY23.
JTL recorded a total volume of 1,20,065 MT for 9M period ended 31 December 2022 as against 1,03,457 MT reported in 9M period ended 31 December 2021.
Export sales during the period under review amounted to 4,529 MT, which is higher by 48% as compared with Q3 FY22 and up by 18% over Q2 FY23. Exports sales contributed approximately 10% to total sales volume for Q3 FY23.
JTL said that the company is in process of expanding capacities and has undertaken a capacity expansion of 100,000 MTPA at JTL's Mandi, Punjab Plant out of which the expansion is partly commissioned and the 50,000 MTPA capacity is ready for commercial production from 01st January 2023. With the said addition, the capacity of plant is increased to 150,000 MTPA. Further, the balance 50,000 MTPA will be commercialized in next quarter.
The said capex has been funded out of internal accruals.
The company's management stated: This quarter recorded the highest quarterly sales of 45,934 MT and reflects of the continued patronage that we received from our domestic as well as international clients.
Further, our continuous focus on scaling the export business by entering into newer export markets is yielding desired results as showcased by robust growth in the export sales and consequently recording highest quarterly sales volume in the international market.
We believe that we are just at the cusp of an exciting phase in the construction and infrastructure industry, where the traditional methods are paving way for environmentally friendly structural tube led construction in India and abroad and we at JTL are rightly equipped to capitalize on the opportunities that lie ahead of us.
JTL Industries (formerly known as JTL Infra) is amongst the fastest growing steel tube manufacturers. The company has manufacturing facilities in Punjab and Maharashtra. The cumulative capacity of the company is 4,50,000 MTPA. The company is a recognized 'star export house', and its product offering includes GI pipes, MS black pipes, hollow-sections, and solar structures amongst others which cater to diverse industrial applications.
The company's consolidated net profit rose 56.53% to Rs 20.27 crore on a 14% increase in sales to Rs 299.91 crore in Q2 FY23 over Q2 FY22.
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