Rajnandini Metals' Q3 PAT jumps 51% YoY

Rajnandini Metals has reported earnings for the third quarter and first nine months of the current financial year. As per the exchange filing, the company in the first 9 months saw a 51 per cent growth in PAT YoY, which rose from Rs 6.83 core to Rs 10.32 crore. The revenue during 9MFY23 came in at Rs 701.50 crore. 

For quarter ended 31 December, 2022, the revenue rose 37 per cent QoQ, from Rs 185.20 crore (Q2FY23) to Rs 253.14 crore (Q3FY23). The PAT for the corresponding period was reported at Rs 3.39 crore (Q3FY23), a growth of 1.5 per cent QoQ.

Recently, the company had purchased land of approximately 55000 sq. ft. at Bawal in Rewari district of Haryana with the vision of expanding the business, the filing said.

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With this, the company estimates that the turnover shall increase by Rs 400 crore or more (annually) and profitability shall increase by Rs 20 crore or more (annually) and that the construction activity on the newly acquired land has already started. The company also received orders totaling Rs 30.29 crore from companies including KEI Industries Ltd, Metals India etc.

Meanwhile, shares of Rajnandini Metals traded higher by nearly 2 per cent to quote Rs 14.25 apiece on NSE. The counter has yielded a multibagger return of 438 per cent in the past 5 years.

The company manufactures copper rod, annealed bare copper wire, fine copper wire, brunched copper wire, submersible wired and flat cables. It also provides services to various industries such as steel, automotive, engineering construction, chemical and electronic industry.

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