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Hi-Tech Pipes Ltd.

BSE: 532601 Sector: Metals & Mining
NSE: HITECH ISIN Code: INE106T01017
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Hi-Tech Pipes Ltd. (HITECH) - Chairman Speech

Company chairman speech

Dear Shareholders

It is a proud moment for me to address all of you in the first annual report forHi-Tech Pipes Limited as a listed entity. At the very outset I would like to thank eachof our shareholders who have reposed their trust in the Company during the Initial PublicOffer (IPO). It was indeed heartening to receive such an overwhelming response from theinvestor community.

The year 2015-16 was a tremendous year for the company. Despite downfall in prices ofHR coil your company able to improve its margins because of cost control and benefits ofincrease in productions. Net profit over net sales reported as 1.29% for FY16 YOY1.08% andturnover has grown by 10% over the year. However sales in terms of quantity have grown upby 35%. In July 2016 your company has started production at Sanand Gujarat (in vicinityof Ahmedabad) Unit with capacity of 60000 Tonnes.

The mismatch in demand versus supply in FY15 catalysed a sudden shift in marketequilibrium prompting a sharp decline in prices of steel. This one has a favourableimpact on our business to robust our margins of product.

To Strengthen your company now we have an Independent Board comprising of highlyexperienced and Respected Professionals who will play a key advisory role in our growth.

E-Rickshaw is latest illustration of end of use of our ERW Hollow Section Pipes andproduction of E-Rickshaw supported by Our Honourable Prime Minister Start up IndiaCampaign. This is how new demand for our product is increased.

We are committed to adopt and use innovative technologies in manufacturing of ERW PreGalvanised and Galvanised Steel Tubes and Pipes. Our ability to adapt quickly to emergingmarket realities supports our determination to view challenges as opportunities.

I must acknowledge the immense contribution of the entire team of the company who pushtheir boundaries rise above challenges and leave no stone unturned to grow sustainablyand improve the lives of communities around our facilities. I am also thankful to all ourstakeholders for their support and trust to generate value for the company.

ThankYou

Ajay Kumar Bansal Chairman & Managing Director