Hi-Tech Pipes’s net profit grows 42% to Rs 16 crore in March 2023 quarter

Hi-Tech Pipes Ltd has recorded a 42 per cent increase in its consolidated net profit to around Rs 16 crore in the March 2023 quarter, supported by higher revenue.

The company said in a statement on Sunday that it had recorded consolidated net profit of Rs 11.22 crore in the January-March quarter of 2021 to 2222.

Its revenue from operations increased by 18% to Rs. 701.85 crore from Rs. 594.77 crore in the year-ago quarter.

“During the quarter, we recorded the highest sales volume and revenue, PAT and EBIDTA. The company’s net working capital days decreased significantly to 48 days,” said Chairman and Managing Director (CMD) Ajay Kumar Bansal.

The company’s new large diameter pipe facility at Makhiav, Sanand in Gujarat is expected to start commercial production from Q3 or Q3 FY24, he said.

In the fourth quarter of FY23, the company said, “Sales volumes increased by 26 percent year-on-year to 1.07 thousand tons (LT), and EBITDA increased by 13 percent to Rs.33.75 crore.”

Hi-Tech Pipes based in Uttar Pradesh owns and operates integrated manufacturing facilities at Sikandarabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka.

Besides steel tubes, the company also produces hollow sections, tubes, cold rolled coils and strips, roadblocks, solar mounting structures, and a variety of other galvanized products.