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

Hi-Tech Pipes Ltd has posted a 42 per cent rise in its consolidated net profit to about Rs 16 crore in March 2023 quarter, backed by higher revenues.

It had clocked a consolidated net profit of Rs 11.22 crore in the January-March quarter of 2021-22, the company said in a statement on Sunday.

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

Its Chairman and Managing Director (CMD) Ajay Kumar Bansal said, "During this quarter, we have registered the highest-ever sales volume, revenue, PAT and EBIDTA. Net working capital days of the company have reduced substantially to 48 days".

The company's greenfield facility of large diameter pipes at Makhiyav, Sanand in Gujarat is expected to start commercial production from the third quarter or Q3 of FY24, he said.

In Q4 FY23, "the sales volumes increased by 26 per cent y-o-y to 1.07 lakh tonne (LT), and EBITDA rose by 13 per cent to Rs 33.75 crore," the company said.

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

Besides steel pipes, the company also produces hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures and a variety of other galvanised products.