Rhetan TMT Q2 Results: Net Profit Surged 233% YoY To Rs 2.27 Cr; Revenue Stood At Rs 4.94 Cr

Rhetan TMT Limited (Formerly known as Rhetan Rolling Mills Private Limited) a company based in Ahmedabad, Gujarat has declared its financial results for the quarter ended 30th September 2024.

The company reported a revenue from operations of Rs 4.94 Cr in Q2FY25 down by 52.77% YoY from Rs 10.46 Cr in the same quarter of the year-ago period. Its net income stood at Rs 4.95 Cr in the quarter under review as against Rs 10.46 Cr in the same quarter of the previous fiscal.

The total expenses of Rhetan TMT reached Rs 2.46 Cr in Q2FY25 down by 74.84% YoY from Rs 9.78 Cr in Q2FY24.

The net profit of the company stood at Rs 2.27 Cr in the current quarter, up by 233% YoY from Rs 0.68 Cr in the quarter ended in September 2023.

On March 31, 2024, the company became public on the BSE SME Platform, and then on May 6, 2024, it migrated to the BSE Main Board.

The development of a solar power plant with a capacity of up to 2 MW was approved by the Board of Directors on Friday, September 20, the previous month. This facility will be located in the Taluka Bayad, District Aravalli, the village of Untarda, and it will occupy around 20,000 square meters. The TMT Bars company in Kadi, Gujarat, has a solar power plant that is especially intended for captive use. A Letter of Intent (LOI) has already been completed to start this project. In order to get the required permissions, the company will go forward with submitting an application to the Gujarat Energy Development Agency (GEDA). After that, a Technical Feasibility Report (TFR) will be generated to evaluate the project's viability.

Additionally, the Board of Directors has made the decision to look at ways to enhance its standing in the steel sector through strategic acquisitions. The company will be signing into first noncommitment agreements with the selected companies to start this process and enable the company to do due diligence.

January 26, 1984 saw the incorporation of Rhetan TMT. Mr. Ashok C. Shah and Mr. Shalin A. Shah are the company's promoters. The company is actively involved in producing high-quality TMT bars that meet ISI standards.

With a market valuation of Rs 1,518.84 Cr, Rhetan TMT's shares closed 5.07% higher on Wednesday at Rs 19.06 apiece on the BSE. By rising from Rs 9.10 to the current market price in just one year, Rhetan TMT has provided shareholders with multibagger gains, indicating a remarkable rise of 109.45%. The stock climbed by 90.98% year to date (YTD) so far in 2024.