Maharashtra Seamless gains 4 per cent

Maharashtra Seamless gained nearly 4 per cent today, as the company announced that it has bagged an order from ONGC. It has secured this order, amounting to Rs. 500 crores, of supplying seamless casings to ONGC. The management expects a healthy order in seamless pipes. Going ahead, a strong order book of around Rs. 800 crores provides healthy revenue visibility.

Considering the recently concluded quarter Q2FY20, the consolidated revenue for the quarter Q2FY20 came in at Rs. 790.56 crores against Rs. 699.08 crores in the corresponding quarter last year, registering a 13.1 per cent YoY increase. The EBITDA for the quarter grew by 27.9 per cent YoY to Rs. 165.47 crores from Rs. 129.4 crores in the corresponding quarter last year, with a corresponding margin expansion of 242 bps. The EBITDA margin for the quarter stood at 20.9 per cent. PAT for the quarter came in at Rs. 184.13 crores against Rs. 89.81 crores in the corresponding quarter last year, YoY increase of 105 per cent.

The company’s Q2FY20 revenue mix stood at Steel Pipes & Tubes (95 per cent), Power- Electricity (2 per cent) and Others (3 per cent).

Today, the stock of Maharashtra Seamless opened at Rs. 371, up by 4 per cent from its previous close of Rs. 359.55 on the BSE.