On a consolidated basis, the net profit rose to Rs 176.58 crore on a 48.6 per cent rise in net sales to Rs 1414.21 crore in the second quarter of FY23 over the second quarter of FY22, then Maharashtra Seamless reported a 94.3 per cent.

The company’s profit before tax soared 77.8 per cent yearly to Rs 217.46 crore in Q2FY23. Total expenses surged 41.75 per cent yearly to Rs 1211.17 crore Q2FY23.

Cost of materials consumed stood at Rs 953.38 crore, up 25.9 per cent year on year, employee benefits expenses was at Rs 26.65 crore up 24.65 per cent year on year and other expenses stood at Rs 209.52 crore, up 36 per cent year on year.

Meanwhile, Maharashtra Seamless the board of directors recommended issuing one bonus equity share for every existing equity share. These bonus shares will be issued from the capital redemption reserve and securities premium reserve.

On 16 December 2022, the BOD will approve the bonus shares and will credit and dispatch bonus shares within two months from the board’s approval.

Sarat Kumar Mohanty as chief financial officer and whole-time key managerial personnel of the company with effect from 17 October 2022, appointed by the board of directors. More than 25 years of rich & varied experience as a finance professional in various finance functions. He also qualified for his chartered accountancy from ICAI, New Delhi, LLB from North Orissa University and M.Com from Utkal University.

The company also manufactures carbon and alloy steel seamless pipes, ERW (Electrical Resistance Welding) steel and castings pipes, and a wind power mill. On the Bombay Stock Exchange (BSE), the stocks declined 4.94 per cent in the recent trade at Rs 829.70.