Rajratan Global Wire locks at 5 per cent upper circuit post stellar Q2FY22 results

Their stock has jumped 20 per cent in the last one month and more than 190 per cent over the last 6 months. 

India's leading manufacturers of high carbon steel wire, Rajratan Global Wire scrip forze at 5 per cent upper circuit after reporting phenomenal Q2FY22 results. Their stock has jumped 20 per cent in the last one month and more than 190 per cent over the last 6 months. The company expects to be allotted land in Sipcot Industrial Park for its proposed third plant and is also engaged in discussions with EPC contractors for timely plant construction.

Key performance highlights for the quarter Q2FY22 (Consolidated):

- Net sales for the quarter stood at Rs 2411.7 mn up 73.5% YoY 

- EBITDA for the quarter stood at Rs 506.8 mn up 96.9% YoY

- EBITDA Margin for the quarter stood at 21.01% up 250 bps vs 18.52% in Q2FY21

- Net Profit stood at Rs 326 mn up 140.7% YoY. 

- EPS stood at Rs 32.1 up 140.7% YoY vs Rs 13.33 in Q2FY22

Commenting on the stellar performance Sunil Chordia, Chairman and Managing Director of Rajratan Global Wire said, “We have continued to build up further on the momentum set in the last 18 months since having completed our expansion in India. The company has delivered its highest ever Revenue, EBITDA and PAT ever during the quarter, led by strong demand for bead wire in domestic and export markets. More and more customers are looking to increase their engagement with Rajratan, which has pushed us to set up dedicated teams to engage periodically with customers to ensure timely deliveries. We continue to focus on our vision to become the leading and most preferred bead wire manufacturer and supplies to tyre companies in India and globally. We continue to “Outperform” and work as a team in the current challenging times to deliver value to our shareholders.”

Rajratan Global Wire (RGWL) is one of the leading manufacturers of high carbon steel wire in India, specialising in automotive tyre bead wire, high-quality spring and rope wires.

Scrip of Rajratan Global Wire closed at Rs 2450.15 per share on Friday, October 22, 2021.