Ratnamani Metals and Tubes made an impressive start on November 3, surging by nearly 6 percent to reach a 52-week high of Rs 2,984.05 in early trading as investors celebrated the company’s robust performance in the September quarter of the current financial year.
The company’s net profit witnessed a remarkable 66.3 percent year-on-year increase, reaching Rs 164.30 crore. This strong bottom line was supported by a healthy top line, which grew by 25.7 percent, totaling Rs 1,131.2 crore.
As of 11:06 am, Ratnamani Metals was trading nearly 4 percent higher than the previous close, at Rs 2,933.35 on the NSE.
Trading volumes also saw a significant uptick, with one lakh shares changing hands, compared to the one-month daily traded average of 48,000.
In line with the growth in revenue and profits, the company’s EBITDA also witnessed a substantial increase of nearly 65 percent year-on-year, reaching Rs. 255.54 crore. The strong quarterly performance of the company was supported by a reduction in raw material costs.
Shares of Ratnamani Metals have been on a remarkable uptrend in 2023, registering a year-to-date surge of over 49 percent.