Multibagger Stock: JTL Industries gets BUY coverage from Axis Securities - Check target price

Shares of manufacturing giant JTL Industries gained around 3.35 per cent amid the stock market rally on Monday i.e. January 15. The stock opened with gains of nearly 1.59 per cent at Rs 251.55 apiece on the BSE versus the previous close of Rs 247.60. The scrip made an intraday high of Rs 255.90, up 3.35 per cent.

Steel pipes maker JTL Industries Ltd on Friday reported a 47 per cent rise in its net profit at Rs 30.18 crore in the third quarter ended December 31.

JTL Industries Share Price Target

On the back of the strong results, axis Securities has initiated a BUY rating on JTL Industries.

The brokerage believes that JTL Industries share price may go up to Rs 300 apiece levels in the long term.

According to Axis Securities, JTL Industries numbers stood largely in line with their estimates.

"Revenue grew by 65 per cent/13 per cent YoY/QoQ to Rs 567 Cr, a 5 per cent beat vs. our estimate, led by higher ASP. EBITDA grew by 46 per cent/14 per cent YoY/QoQ, which was largely in line with our estimates," the security firm said. 

According to the company, its revenue from operations grew by 65.26 per cent from Rs 343.33 crore in Q3FY23 to Rs 567.38crore in Q3 FY24 and by 46.13 per cent from Rs 1,077.294 million in 9M FY23 to Rs 1,574.2 crore in 9M FY24. 

This growth was led by robust sales volume that not only exceeded our previous records but also surpassed the sales figure achieved in FY23.