Gallantt Ispat Ltd. Share Price – NSE  /  BSE

Steel, Small Cap

Gallantt Ispat announced that the second railway rake, which is ready tooperate, has been delivered to the Company for the purpose of loading of raw materials required for its manufacturing units such as coal, iron ore, fines, etc.

The company reiterates that owning two railway rakes had cost it Rs 55 crore but having own rakes would assure that raw materials are dispatched timely, hassle free and cost effectively.

Under the General Purpose Wagon Investment Scheme (GPWIS) of Railway Board, Indian Railways offer 10% rebate on railway freight rate for 15 years and as such, the company altogether would be able to save 25% on the freight cost (10% rebate plus 15% on premium indent).

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Net sales during the period under review rose by 5.6% to Rs 1,062.66 crore as compared with the same period last year.

Profit before tax in Q3 FY24 stood at Rs 70.53 crore, up by 32.7% from Rs 53.16 crore in Q3 FY23. Total tax outgo in Q3 FY24 added up to Rs 11.24 crore, up 48.5% YoY.

Gallantt Ispat is a leading manufacturer of thermo-mechanical treated (TMT) bars with a capacity of 950,000 TPA. The company has presence in key consumption states of Uttar Pradesh and Gujarat.

The scrip rose 0.44% to currently trade at Rs 181.40 on the BSE.

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Net profit of Gallantt Ispat rose 148.59% to Rs 51.98 crore in the quarter ended December 2023 as against Rs 20.91 crore during the previous quarter ended December 2022. Sales rose 5.61% to Rs 1062.66 crore in the quarter ended December 2023 as against Rs 1006.24 crore during the previous quarter ended December 2022.

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Gallantt Ispat will hold a meeting of the Board of Directors of the Company on 16 January 2024.

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