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Steel manufacturer Jai Balaji Industries Ltd. reported fourth-quarter net profit grew to ₹273 crore as compared to a net loss of ₹13 crore in the year-ago period.
During the quarter the company’s total income grew by 15% YoY to ₹2,002 crore.
For FY24, total income grew by 8% YoY to ₹6,629 crore. Full year net profit surged to ₹880 crore as compared with ₹58 crore in the previous year.
Aditya Jajodia, Chairman and Managing Director, Jai Balaji Industries said, “The company has experienced a transformative year marked by substantial growth, driven by strong performance and a significant increase in sales for value-added products.”
“Going forward, we will focus on increasing our share in value added products which will further improve margins. Our strategic focus remains on specialised products such as DI Pipes and Special-grade Ferro Alloys, which presently contributes to around 50% to our revenue and the increase in sales will help in achieving higher growth in coming quarters,” he added.
“Looking ahead, we are committed to achieving further success through cost-effective capacity enhancement, cost cutting measures, leveraging economies of scale, operational efficiencies, and aiming to become net debt-free within the next fifteen months,” he further said.
