This steel pipe manufacturer stock was trending on the bourses!

This steel pipe manufacturer stock was trending on the bourses!

by 5paisa Research Team Last Updated: Jan 04, 2023 - 04:32 pm 4.5k Views

The stock surged 5.6% on Wednesday.

On January 4, the market traded in the red. The S&P BSE Sensex closed trading at 60657.45, while NIFTY50 closed at 18,042.95, both closing down by 1.04%. Regarding sectoral performance, Healthcare and Consumer Durables were outperformers, while Metals and Realty were among the top losers. Talking about stock-specific action, Surya Roshni Ltd was among the top gainers in BSE group ‘A’.

The shares of Surya Roshni Ltd closed trading at Rs 544, up by more than 5.6% from its previous close of Rs 515.5. The stock opened at Rs 513 and so far, has made an intraday high and low of Rs 548.1 and Rs 513, respectively. The stock has jumped 12% in the last 5 trading sessions. The company has a market capitalisation of Rs 2,959 crore and belongs to BSE small-cap index.

 Surya Roshni Ltd operates into two business segments- Steel Pipe and Strips Segment and Lighting and Consumer Durables Segment. About 80% of the revenue comes from Steel Pipe and Strips Segment, while the rest 20% is from the other segment. It is India's top exporter of ERW (Electrical Resistance Welding) pipes, the top manufacturer of GI (Galvanised Iron) pipes, and 2nd largest player in the domestic lighting industry.

In FY22, the company delivered excellent results. For FY22, the company’s revenue increased by 39%, while its net profit jumped by 29.5%, reported at Rs 204.92 crore.

For the latest September quarter, the company reported total revenue of Rs 1984 crore with 2% YoY growth. For the same quarter, the net profit increased significantly by 55% YoY from Rs 44 crore in Q2 FY22 to Rs 68 crore.

About the shareholding pattern, 62.96% is owned by the promoters, 1.18% by FIIs, 0.04% by DIIs, 1.89% by Surya Roshni Employees Welfare Trust, and the rest 33.93% by non-institutional investors.  

The stock is trading at a TTM PE of 13.16x and has a 52-week high and low of Rs 868.4 and Rs 336.05, respectively.

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