Maharashtra Seamless Q2FY23 PAT up 92.14% at Rs176.58cr on higher OPM from steel pipes and tubes business

19 Oct 2022 , 08:28 AM

Maharashtra Seamless reported 48.64% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs1,414.21cr. Sequential revenues were up 5.98%.

For the September 2022 quarter, the steel pipes and tubes vertical of the company recorded sales growth of 14.9% at Rs1,394 crore while the power segment saw marginally lower revenues at Rs169 crore.

The Rigs business saw revenues more than double to Rs1,701 crore. During the quarter, the company has announced a 1:1 bonus issue of shares through capitalization of reserves, taking the post-bonus number of shares to 13.4 crore.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 92.14% while the profits were up 15.24% sequentially.

The operating profits from the steel pipes and tubes segment increased by 72.2% at Rs147.45 crore. While operating profits from the power business was flat, the Rigs business dipped into operating losses in the quarter.

Net margins came in at 12.49% for Q2FY23 as compared to 9.66% in the year ago quarter and 11.48% in the sequential June 2022 quarter. The company also had a Rs7.8 crore forex loss in Q2FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	Maharashtra Seamless
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,414.21	₹ 951.42	48.64%	₹ 1,334.37	5.98%
Net Profit (Rs cr)	₹ 176.58	₹ 91.90	92.14%	₹ 153.23	15.24%
Diluted EPS (Rs)	₹ 26.36	₹ 13.57		₹ 22.87
Net Margins	12.49%	9.66%		11.48%