Maharashtra Seamless gets nod for Scheme of Amalgamation

Maharashtra Seamless informed the bourses that it has received approval for Scheme of Amalgamation between Jindal Premium Connections and Maharashtra Seamless Finance, wholly-owned subsidiaries of the company, with the company. The appointed date for the aforesaid Scheme is fixed as April 1, 2019.

The company posted results for the quarter ended June 30, 2019. The revenue for the quarter Q1FY20 came in at Rs. 696.16 crore as against Rs. 606.47 crore in the corresponding quarter last year, registering 14.8 per cent yoy increase. The EBITDA for the quarter grew by 6.8 per cent yoy to Rs. 154.38 crore as against Rs. 144.56 crore in the corresponding quarter last year, with a corresponding margin contraction of 166 bps. EBITDA margin for the quarter stood at 22.2 per cent. The PAT for the quarter came in at Rs. 76.47 crore as against Rs. 109.97 crore in the corresponding quarter last year, yoy decline of 30.5 per cent.

Maharashtra Seamless provides a whole range of high-class, customisable and innovative seamless pipes and tubes using state-of-art technology. The company also manufactures ERW Pipes and Coated Pipes. The company also engaged in the business of Wind Power, Steel Pipes & Tubes.

On Wednesday, the stock of Maharashtra Seamless made an intraday high of Rs. 412.45, up by nearly 2 per cent. The stock finally settled at Rs. 395 on the BSE.