JTL Industries initiates final inspection of DFT technology

JTL Industries has said that it has initiated the final inspection of DFT technology and is hopeful of completing it in the upcoming weeks before Q4FY24.

According to the company, this will help the company manufacture higher diameter pipes, increasing its kitty by 300+ SKUs of Value Added products. 

"This strategic move is anticipated to significantly boost our EBITDA margins," the company said. JTL Industries said that the company has repaid the outstanding term debt of approximately Rs 360 million and has become a term and net debt-free company. 

Earlier, JTL Industries Limited informed the stock market that the Securities Issue and Allotment Committee of the company has approved the allotment of 29.48 lakh fully paid equity shares to non-promoter investors of the public category.

According to the company, these shares have been allotted in exchange for convertible warrants.  

"The allotment of 29,48,555 fully paid equity shares of face value of Rs. 2/- each, pursuant to conversion of warrants into said equal number of equity shares to the following Allottee belonging to NonPromoter /Public Category, upon receipt of balance 75% of the issue price," the company said in an exchange filing.

Post conversion of warrants, the allottees are also entitled to 29.48 lakh bonus shares reserved for outstanding convertible warrants in the ratio of 1:1.

As a result, the issued, subscribed and paid-up equity share capital of the company has increased to Rs 35,40,21,660 consisting of 17,70,10,830 equity shares of Rs 2 each.

Earlier, JTL Industries declared 1:1 bonus shares in Q2FY24 and had set September 7, 2023 as the record date.

Meanwhile, the company has reported a 47 per cent rise in its net profit at Rs 30.18 crore in the third quarter ended December 31.

It had posted a profit of Rs 20.49 crore in the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. Its total income rose to Rs 568.33 crore from Rs 344.42 crore in the year-ago quarter.