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.
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.