Hi-Tech Pipes Q1 net profit grows around 80% to Rs 8 cr, revenue up 24%

Hi-Tech Pipes has reported around an 80 per cent rise in its net profit to Rs 8.02 crore during the quarter ended June 30, mainly due to higher revenues.

It had clocked Rs 4.48 crore net profit during the April-June period of the preceding 2022-23 fiscal, the company said in a statement on Monday.

The company's revenue from operations also rose 24 per cent to Rs 642.17 crore in Q1 FY24 from Rs 516.17 crore in the year-ago quarter.

Its total sales volumes increased to 84.5 thousand tonnes over 70 thousand tonnes in Q1FY23.

"The company has registered sales volume growth of 21 per cent. This volume growth has been majorly contributed by increased sales of value-added products like GP coils, colour-coated coils and sheets. The company is well positioned in this market segment," Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes, said.

On business updates, he said the greenfield facility of large diameter pipes at Makhiyav, Sanand in Gujarat, is expected to start commercial production from Q3FY24 onwards.

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

The company recently signed an agreement with the Uttar Pradesh government to set up a steel manufacturing facility at an investment of Rs 510 crore.