Multibagger metal stock revises record date for 1:1 bonus shares: Do you own?

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With a market valuation of 5,393.80 Cr, Maharashtra Seamless Ltd. is a mid-size company that operates in the metal industry. The company is the largest manufacturer of ERW and Seamless pipes and tubes in India. The record date for 1:1 bonus shares has been changed by the company’s board of directors. The record date has been changed from November 24, 2022 to November 28, 2022, in order to determine the shareholders’ eligibility.

The company has said today in a stock exchange filing that “With reference to our letter dated 11th November, 2022, wherein we had intimated the ‘Record Date’ as 24th November, 2022 for issue of bonus equity shares, subject to approval of shareholders. As suggested by the Stock Exchanges, the Record Date for issue of bonus equity shares has been revised and fixed Monday, 28th November, 2022 as “Record Date” to ascertain the shareholders entitled to receive bonus equity share in the proportion of 1 (One) Equity Share for every 1 (One) existing Equity Share, subject to the approval of shareholders which is being obtained through Postal Ballot. You are requested to kindly take the same on record.”

On a consolidated basis, the company’s net profit grew 94.50% YoY to 177 crore during Q2FY23, from 91 crore posted in Q2FY22. The company’s revenues rose by 46.08% to 1436 crore in Q2 FY23 from 983 crore posted in the year-ago quarter. The EBITDA margin climbed to 18% in Q2FY23 compared to 14% in Q2FY22 and EBITDA stood at 250 Cr in the quarter ended September 2022 compared to 135 Cr posted in the same quarter last year, representing a YoY growth of 85.18%. The company reported an EPS of 26 per share in Q2FY23 compared to 14 posted in Q2FY22.

On a standalone basis, the company’s net profit grew 32.25% YoY to 123 crore during Q2FY23, from 93 crore posted in Q2FY22. The company’s revenues rose by 38.55% to 1168 crore in Q2 FY23 from 843 crore posted in the year-ago quarter. The EBITDA margin climbed to 16% in Q2FY23 compared to 15% in Q2FY22 and EBITDA stood at 181 Cr in the quarter ended September 2022 compared to 124 Cr posted in the same quarter last year, representing a YoY growth of 45.96%. The company reported an EPS of 18 per share in Q2FY23 compared to 14 posted in Q2FY22.

Maharashtra Seamless Ltd.’s shares ended trading on Friday at Rs. 806.25 a piece, up 0.17% from the previous close of Rs. 804.85. The stock has gained 66.32% during the past five years, and over the past three years, it has delivered a multibagger return of 110.95%. The stock has appreciated 64.39% over the past year, and on a year-to-date basis, it has climbed 55.44% so far in 2022.

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