Hi-Tech Pipes, a leading manufacturer of steel pipes and related products, reported a significant growth in its consolidated net profit for the September quarter. The company recorded a two-fold increase in net profit, reaching Rs 10.53 crore, compared to Rs 4.34 crore in the same period of the previous fiscal year. This surge in net profit was primarily driven by higher income, which also contributed to the company’s strong total income of Rs 746.73 crore in the quarter under review, a remarkable increase from the previous year’s Rs 599.40 crore.
Hi-Tech Pipes experienced a notable boost in sales volumes, which rose by 17.45%, reaching 1 lakh tonnes, compared to 0.85 lakh tonnes in the second quarter of FY23. This growth can be attributed to increased demand for steel tubes/structural steel products and value-added products. Ajay Kumar Bansal, the Managing Director of Hi-Tech Pipes, expressed his satisfaction with the company’s performance, highlighting that this quarter marked a new record in revenue from operations. He credited the healthy order book from government projects such as the Jal Jeevan Mission for supporting the company’s positive momentum during the period.
Bansal also shared the company’s future plans, stating that their focus remains on increasing the share of value-added products in their product portfolio and expanding the overall market share in steel piping. Additionally, Hi-Tech Pipes revealed that its greenfield facility for large diameter pipes in Sanand, Gujarat, is in its advanced stages and is expected to commence commercial production in the third quarter of FY24.
Apart from steel pipes, Hi-Tech Pipes is involved in the production of hollow sections, tubes, cold-rolled coils and strips, road crash barriers, solar mounting structures, and a variety of other galvanised products. With integrated manufacturing facilities located in Uttar Pradesh, Gujarat, and Andhra Pradesh, the company has a total installed capacity of 5.80 lakh tonnes.
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