Shares of Rushil Decor Rally After Board Approves JV With Modala Panels and Boards

On Thursday, shares of Rushil Decor surged 1.85 per cent to an intraday high of Rs 341.60 per share from its previous closing of Rs 335.40 per share. The stock's 52-week high is Rs 406.70 and its 52-week low is Rs 202.37.
The Board of Rushil Decor has approved the incorporation of a subsidiary company by entering into a joint venture agreement with Modala Panels and Boards through its proprietor Dr M N Rao.

The proposed shareholding of RDL & Modala group in the proposed new joint venture company will be in the ratio of 51% and 49% respectively.

Recently, the company announced strong Q3FY24 & 9MFY24 results. In Q3Fy24, the total income increased by 1.3 per cent to Rs 213.47 crore, PBT increased by 13.4 per cent to Rs 15.21 crore and PAT increased by 11 per cent to Rs 11.36 crore in Q3FY24 compared to Q3FY23. In 9MFY24, the company reported a total income of Rs 610.54 crore, PBT of Rs 45.4 crore and PAT of Rs 34.11 crore in 9MFY24 compared to Rs 624.48 crore, Rs 85.37 crore and Rs 64.11 crore respectively in 9MFY23.

Rushil Decor Ltd is primarily engaged in the manufacturing and sale of Laminate Sheets, medium-density fiberboards, Preliminary Medium Density Fiberboard boards, Polyvinyl chloride (PVC) boards, and Particle boards. The company has more than 1200 SKU's in their portfolio.

Rushil Decor is the second-largest manufacturer of Medium-Density Fibre (MDF) boards and one of the largest players in organised laminates. The company caters to international markets such as Europe, the USA, Australia, and New Zealand.