Q3FY24 business update: JTL Industries shares hit 52-week after highest-ever quarterly sales volume

Q3FY24 business update: Shares of JTL Industries jumped over 6 per cent to hit a 52-week high on Tuesday. The share witnessed buying interest after the company shared business updates for the quarter ended on December 31, 2023.

The stock opened gap up with a gain of 3.09 per cent against the previous close of Rs 237.65. It went on to touch an intraday high of Rs 253 apiece. Last seen, the counter held firmly in green and was trading at Rs 247.60.

JTL Industries Q3FY24 business update

The company has said that it has recorded the highest-ever quarterly sales volume of 1,00,905 MT.

"JTL Industries has recorded its highest ever quarterly sales volume of 1,00,905 MT, exhibiting a rigorous and robust growth of 76.05 per cent on a year-on-year (YoY) basis.over Q3 FY23 driven by healthy demand for its structural steel tubes and pipes finding application in infrastructure and industrial sectors in both domestic and international markets," the company said.

The company has recorded 35.39 per cent YoY growth in volumes of value-added products. In Q3FY24, it stood at 19,789 MT against the sales volume of 14,616 MT recorded during Q3FY23.

On the expansion front, the company is strategically planning a significant capacity expansion project in Maharashtra through its subsidiary, JTL Tubes Limited.

This project is poised to substantially boost The Company’s manufacturing capacity, facilitating the expansion and diversification of its product portfolio. Through this capex, JTL aims to incorporate additional production lines, enhance its capability to manufacture galvanized, pre galvanized, colour coated products, and strengthen its competitiveness through both forward and backward integration, and become a leading provider of one stop solutions for all structural steel requirements.