The company's total expenditure jumped 48.79% YoY to Rs 1,198.52 crore during the quarter. Cost of raw material consumed rose 16.46% to Rs 826.31 crore while employee expenses rose 52.03% to Rs 60.66 crore during the period under review.

For the full year, net profit rose 58.22% to Rs 510.48 crore while net sales rose 42.55% to Rs 4474.40 crore in the year ended March 2023 over the year ended March 2022.

The board has recommended a dividend of Rs 12 per equity share for the financial year ended on 31 March 2023.

The board has approved the re-appointment of Prakash M. Sanghvi as the managing director, Jayanti M. Sanghvi as the joint managing director and Shanti M. Sanghvi as the whole time director of the company for a period of Five Years w.e.f. 1 November 2023.

The board also recommended seeking enabling resolution for raising upto Rs 500 crore, in one or more tranches. The funds will be raised through the issuance of unsecured/secured redeemable non-convertible debentures/bonds (NCDs) by way of private placement.

Ratnamani Metals and Tubes is primarily engaged in manufacturing stainless steel pipes and tubes, and carbon steel pipes. It produces a wide range of nickel alloy / stainless steel seamless tubes & pipes, stainless steel welded tubes & pipes, titanium welded tubes , carbon steel welded pipes and stainless steel / carbon steel pipes with coating.