JTL Industries Ltd updates on Q1 FY24 business performance

JTL Industries Limited (JTL), is a fast-growing steel tube manufacturing company equipped with four state-of-the-art manufacturing facilities having total manufacturing capacity of 5,86,000 MTPA. JTL has announced an update on its business performance for Q1 FY24 period.

Quarterly Business Sales Volume Update:

- JTL has recorded a healthy quarterly sales volume of 77,342 MT, exhibiting a robust growth of 52.49% over Q1 FY23 driven by robust demand for structural steel tubes and pipes in both domestic and international markets.

- JTL has performed remarkably by registering its highest-ever quarterly sales volume of value-added products, recording an impressive 32,506 MT. This exceptional performance reflects a remarkable YoY growth rate of 108.12%, surpassing the sales volume of 15,619 MT recorded during the same period in the previous fiscal year (Q1 FY23).

- JTL maintained its export sales and recorded a volume of 4,503 MT, compared to sales volume of 4,753 MT during Q1 FY23 period. Exports sales contributed ~6% to total sales volume for Q1 FY24.

Other Business Updates:

- JTL has received approval for listing and trading of its entire 8,44,42,092 equity shares of face value of Rs. 2/- each with effect from June 12, 2023, with the NSE symbol as JTLIND.

Commenting on the above business update, the management of the company said: "We are really happy to share our business performance for the first quarter of FY24. This quarter recorded a healthy sale volume of 77,342 MT, surging by 52.49% over Q1 FY23 period reflecting the continued patronage that we receive from our domestic as well as international clients. Our steadfast commitment to reaching the target of a 50% contribution of value-added products in our total sales mix is reflected by the significant increase in the share of value-added products, increasing by 108.12% YoY from 15,619 MT in Q1 FY23 to 32,506 MT in Q1 FY24. This surge in demand of value-added product will aid us in increasing our turnover and EBITDA Margins.

Further, we successfully sustained our export sales volume, even amidst a decline in demand form international markets influenced by high inflation and interest rates. Despite these challenges, we remained resilient and managed to maintain our export figures. Looking ahead, we expect that our export contribution will increase once inflation subsides and interest rates return to normal levels. This projection highlights our optimism for improved market conditions, positioning us for further growth and opportunities in the global arena.

As a stakeholder centric organization, we continue to imbibe the best practices and as a part of the endeavor we also got ourselves listed onto the National Stock Exchange of India (NSE) with effect from 12th June, 2023.

At JTL, our focus and passion remain on ideating and creating awareness about our advanced, newer and value-added products designed specifically to meet the client requirement and this is reflective in our overall volume growth.

We remain optimistic about the demand and the industry trends, and would continue to seize upcoming opportunities in the sector.

Source : Equity Bulls

Keywords

JTLIndustires BusinessPerformance Update Q1FY2024