Jai Balaji Ind Q2 Net Falls 24%, Proposes Stock Split
By Rediff Money Desk, Kolkata Nov 12, 2024 17:13
Jai Balaji Industries's Q2 net profit declined 24% to Rs 153.16 crore due to deferred tax provision. The company also proposes a stock split to boost liquidity.
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
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
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Mishtann Foods L
- 9.84 (+ 9.94)
- 184493613
- Thinkink Picturez
- 2.13 (+ 4.93)
- 84583198
- Srestha Finvest
- 0.90 ( -4.26)
- 79660973
- Rajnish Wellness
- 1.83 ( -1.61)
- 61365296
- Vodafone Idea L
- 8.03 ( -0.62)
- 37608220
MORE NEWS
ICICI Bank Partners with CBA for...
ICICI Bank has partnered with Commonwealth Bank of Australia to facilitate investments,...
Morgan Stanley, Societe Generale Invest in...
Morgan Stanley, Societe Generale, Citigroup, and Goldman Sachs invested Rs 416 crore in...
Shriram Finance Sells Housing Finance Arm to...
Shriram Finance has completed the sale of its housing finance subsidiary, Shriram...