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Rajputana Stainless Limited which filed paper for an IPO comprising 2.09 crore equity shares through a book-building process has reported a decline of approximately 3.99 per cent in revenue in FY24. 

The company’s revenue from operations stood at Rs 909.8 crore in FY24, down from Rs 947.67 crore in FY23, according to its Draft Red Herring Prospectus (DRHP).

Total income also slipped by around 3.7 per cent to Rs 915.5 crore in FY24, compared to Rs 950.69 crore in the previous financial year (FY23).

Despite the dip in top-line figures, the company managed to cut down on overall expenses.

Total expenses fell to Rs 873.18 crore in FY24 from Rs 922.11 crore in FY23, a decrease of about 5.31 per cent.

This helped Rajputana Stainless improve its net profit, which rose by nearly 31.52 per cent to Rs 31.62 crore in FY24, up from Rs 24.04 crore in FY23.

Among major cost heads, the cost of materials consumed saw a slight dip of 0.77 per cent to Rs 742.78 crore in FY24.

However, employee benefits expense rose by 18.06 per cent to Rs 21.44 crore and finance costs jumped by 27.18 per cent to Rs 14.46 crore.

Depreciation and amortisation expense increased by 20.23 per cent, while other expenses rose marginally by 1.94 per cent.

Meanwhile, for the nine-month period ended December 31, 2024, revenue stood at Rs 684.12 crore, while net profit for the same period was Rs 31.58 crore.

This includes a fresh issue of 1.47 crore shares and an offer for sale (OFS) of 62.5 lakh shares. The IPO price band and dates are yet to be announced.

Nirbhay Capital Services Private Limited is the book-running lead manager, and Kfin Technologies is the registrar for the issue.

The company plans to list its shares on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless-steel products.

It offers a wide range of over 80 stainless steel grades, including billets, forging ingots, black and bright bars, and flats.