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Steel pipe maker Hi-Tech Pipes on Wednesday reported a 34 per cent rise in consolidated profit after tax to Rs 19.15 crore in the December quarter, on account of increased revenue. It posted a profit after tax (PAT) of Rs 14.33 crore in the year-ago period, the company said in a statement. The company's revenue from operations increased 20.78 per cent to Rs 761.02 crore in the reporting quarter from Rs 630.09 crore in the same period a year ago, it said. Its EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at Rs 40.23 crore during the quarter compared to Rs 31.57 crore a year earlier, a rise of 27.42 per cent. Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum. The company is also scaling up its captive renewable energy capacity to 13.5 MW by December-end.
Hi-Tech Pipes on Monday said it has signed an agreement with the UP Government to set up a steel manufacturing facility in the state at an investment of Rs 510 crore. The Memorandum of Understanding (MoU) has been signed under the Invest UP Programme of the Uttar Pradesh Government, the steel pipes maker said in a statement. "Hi-Tech Pipes has signed a MoU with the UP Government for setting up a mega manufacturing facility. Under this MOU the proposed Investment will be of Rs 510 crore to be invested in a phased manner," it said. The favourable business environment and the special incentive packages offered by the UP government will additionally help the company to strengthen its position in the steel tubes and pipes, and flat-steel processing industry. Ajay Kumar Bansal, the Managing Director of Hi-Tech Pipes Ltd said the company has been present in the state for more than three decades. "The agreement with the state government will further reinforce our commitment to create ...