Mumbai– Rajputana Stainless Limited, which has filed for an initial public offering (IPO) of 2.09 crore equity shares via a book-building route, reported a 3.99% decline in revenue for the financial year 2023–24 (FY24). According to the company’s Draft Red Herring Prospectus (DRHP), revenue from operations fell to ₹909.8 crore, down from ₹947.67 crore in FY23.
Total income also dipped by 3.7%, reaching ₹915.5 crore in FY24 compared to ₹950.69 crore the previous year.
Despite the drop in top-line figures, the company improved profitability by reducing overall expenses, which fell by 5.31% to ₹873.18 crore from ₹922.11 crore in FY23. As a result, Rajputana Stainless posted a 31.52% jump in net profit, rising to ₹31.62 crore in FY24 from ₹24.04 crore a year earlier.
Among key cost components, the cost of materials consumed slightly declined by 0.77% to ₹742.78 crore. However, employee benefits expense rose by 18.06% to ₹21.44 crore, and finance costs increased by 27.18% to ₹14.46 crore. Depreciation and amortization expenses were up 20.23%, while other expenses rose marginally by 1.94%.
For the nine months ended December 31, 2024, the company reported revenue of ₹684.12 crore and a net profit of ₹31.58 crore.
The IPO consists of a fresh issue of 1.47 crore equity shares and an offer for sale (OFS) of 62.5 lakh shares. The price band and launch dates are yet to be announced. Nirbhay Capital Services Private Limited is serving as the book-running lead manager, while Kfin Technologies is the registrar for the issue.
Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products. Its portfolio includes over 80 stainless steel grades, offering items such as billets, forging ingots, black and bright bars, and flats. The company plans to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). (Source: IANS)
