JTL Industries witnessed a remarkable uptrend for the second consecutive day as its shares attracted strong buying interest in the opening trade session of the new financial year 2023-24, hitting the upper circuit. The stock opened higher on Tuesday and soared to an intraday high of ₹218 per share on the NSE, marking a significant 19% increase from its previous closing price of ₹183.25. This surge came after JTL Industries declared robust business updates for the fiscal year 2023-24 in an exchange filing on Monday.
In its filing, JTL Industries revealed that it achieved its highest-ever sales volume in the recently concluded fiscal year, experiencing a remarkable growth rate of 42.25%. The company’s sales volume reached an unprecedented 341,846 metric tonnes (MT), compared to 240,316 MT in the previous fiscal year. Additionally, JTL reported a substantial increase in sales of value-added products, rising by 34.45% to 99,818 MT in FY24 from 74,243 MT in FY23.
Furthermore, JTL Industries provided insights into its capital expenditure (Capex) and earnings before interest, taxes, depreciation, and amortization (EBITDA) outlook. The company stated that it is progressing as per its announced Capex plan, with the dispatch and timely delivery of DFT (Direct Forming Technology) machines and their commissioning expected by Q1FY25. The introduction of the DFT plant is anticipated to enhance plant capacity utilization and production efficiency, leading to a significant expansion of the product portfolio and improved EBITDA margins.
Commenting on the company’s performance, JTL Industries management emphasized their strategic focus on enhancing operational efficiency, expanding the product portfolio, and seizing market opportunities. The introduction of the DFT plant is viewed as a crucial advancement in manufacturing capabilities, expected to drive operational excellence and meet the growing demands of customers.
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