Jai Balaji Ind Q2 Net Falls 24%, Proposes Stock Split

Kolkata, Nov 12 (PTI) Post-tax profit of Jai Balaji Industries, manufacturer of ductile iron (DI) pipes, TMT bars, ferro alloys and sponge iron, declined 24.01 per cent at Rs 153.16 crore during the second quarter ending September 2024, as against Rs 201.55 crore in the similar quarter the previous fiscal.

The company's board also proposed a stock split of its equity shares of face value of Rs 10 each paid up into five equity shares of face value of Rs two each.

Chairman and managing director of Jai Balaji Aditya Jajodia told reporters on Tuesday that the decline in net profit during the quarter had been due to a provision for deferred tax of an amount of Rs 60 crore.

Revenue from operations of the company, which has plants at Durgapur in West Bengal and Durg in Chattisgarh, during the second quarter of 2024-25 remained flat at Rs 1556.57 crore as against Rs 1546.63 crore in the similar previous period.

He said the board has decided to go for stock split to increase liquidity of the company's shares in the market.

The company is also going ahead with the proposed capital expenditure of Rs 1000 crore to create additional capacities in every manufacturing stream and upgradation of the existing operations, he said.

Jai Balaji also manufactures pig iron, steel billets, sinter, coke and power. PTI dc