Maharashtra Seamless said that it has made a voluntary prepayment of long term loan outstanding of approximately Rs 315 crore to HDFC Bank on 10 October 2022 from internal accruals of the company.
The company further informed that this long-term loan was availed from HDFC Bank in 2019 for part fund the acquisition of United Seamless Tubulaar. The aforesaid loan was repayable over a period of 10 years.
Maharashtra Seamless (MSL) manufactures seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology. MSL made a foray in the ERW pipe category and also started coated facility. The company has also diversified into renewable power generation and rig operations.
The company's consolidated net profit jumped 59.91% to Rs 153.23 crore on a 93.25% increase in sales to Rs 1,334.37 crore in Q1 FY23 over Q1 FY22.
The scrip rose 0.06% to currently trade at Rs 814.65 on the BSE.
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