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Steel pipes maker reports impressive Q2 results with over two-fold surge in net profit

A leading player in the steel and structural products industry recorded a surge in total income during the quarter, reaching Rs 746.73 crore, compared to Rs 599.40 crore in the year-ago quarter, signaling substantial revenue growth.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: October 29, 2023 17:35 IST
Steel pipes maker
Image Source : FREEPIK Arc welding of steel at a construction site.

In a significant financial feat, Hi-Tech Pipes, a leading player in the steel and structural products industry, has reported a remarkable surge in consolidated net profit, reaching Rs 10.53 crore in the September quarter. This achievement represents a more than two-fold increase compared to the net profit of Rs 4.34 crore reported during the July–September period of the previous fiscal year, 2022–23. The company disclosed this substantial growth in its regulatory filing on a recent Saturday. The notable growth is attributed to higher income and robust performance across the quarter.

A separate statement issued by Hi-Tech Pipes highlights a 17.45 percent increase in total sales volumes, totaling 1 lakh tonnes, up from 0.85 lakh tonnes reported in Q2 FY23. This growth was primarily driven by heightened demand for steel tubes, structural steel products, and value-added offerings.

Ajay Kumar Bansal, Managing Director of Hi-Tech Pipes, expressed his satisfaction with the quarter's results. He noted that the company achieved its highest-ever revenue from operations during this period, attributing the positive performance to a robust order book from government projects like the Jal Jeevan Mission.

Looking ahead, Bansal emphasized the company's commitment to increasing the share of value-added products in its product portfolio and expanding its market share in the steel piping segment. Additionally, Hi-Tech Pipes has an upcoming greenfield facility for large-diameter pipes located in Sanand, Gujarat. The facility is in advanced stages of development and is expected to commence commercial production in the third quarter of FY24.

Hi-Tech Pipes operates integrated manufacturing facilities in Sikandrabad, Uttar Pradesh; Sanand, Gujarat; and Hindupur, Andhra Pradesh, boasting a combined installed capacity of 5.80 lakh tonnes. Apart from steel pipes, the company is engaged in the production of hollow sections, tubes, cold-rolled coils and strips, road crash barriers, solar mounting structures, and various other galvanized products.

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