Maharashtra Seamless Q2 PAT jumps 94% YoY

Maharashtra Seamless reported 94.3% jump in consolidated net profit to Rs 176.58 crore on a 48.6% rise in net sales to Rs 1414.21 crore in Q2 FY23 over Q2 FY22.

Profit before tax soared 77.8% YoY to Rs 217.46 crore in the quarter ended 30 September 2022. Total expenses surged 41.75% YoY to Rs 1211.17 crore during the quarter ended 30 September 2022.

Cost of materials consumed stood at Rs 953.38 crore (up 25.9% YoY), employee benefits expenses was at Rs 26.65 crore (up 24.65% YoY) and other expenses stood at Rs 209.52 crore (up 36% YoY) during the period under review.

Meanwhile, Maharashtra Seamless said that its board has recommended issuing of one bonus equity share for every one existing equity shares. These bonus shares will be issued from capital redemption reserve and securities premium reserve.

The firm said it would credit/dispatch bonus shares within two months from the board approval date, i.e. by 16 December 2022.

Further, the company's board appointed Sarat Kumar Mohanty as chief financial officer and whole time key managerial personnel of the company with effect from 17 October 2022. He is a finance professional having more than 25 years of rich & varied experience in various finance functions. He did his chartered accountancy from ICAI, New Delhi, L.L.B. from North Orissa University and M.Com from Utkal University.

Maharashtra Seamless manufactures carbon and alloy steel seamless pipes, ERW (Electrical Resistance Welding) steel and castings pipes. The company also owns a wind power mill.

The scrip declined 4.94% to currently trade at Rs 829.70 on the BSE.

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