Jindal Saw hits new high

Jindal Saw is currently among the top five gainers on the BSE; the stock which had closed yesterday at Rs.174.65, opened today morning at Rs.182 and rose to hit a new 52-week high at Rs.198.25.

The market is thrilled with its Q4FY23 performance wherein it posted a consolidated net profit of Rs.294 crore, which is more than twice the net profit of Rs.122 crore posted in Q4FY22 and Rs.143 crore in Q3FY23.

Net revenue rose 31% (YoY) at Rs.5188 crore.

EBITDA rose 50% to Rs.600 crore while margins rose 148 bps at 11.57%.

The company said that stabilization of the raw material prices, energy costs and overall improvement in business scenario helped post these numbers. This resulted in improved demand environment which led to receipt of several orders across all the segments which is also reflected in the performance of Q3 and Q4 of FY23.

The company’s current consolidated net debt stands at Rs.3783 crore, down from Rs.4457 crore (YOY).

This good performance apart, the market is also happy with another development which will add to the coffers – the Board has approved disposing off, either via sale or liquidation, its subsidiary, Green Ray Holdings based in UK and also its step down subsidiary, Derwent Sand SARL, Algeri.