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Hi-Tech Pipes Ltd.

BSE: 532601 Sector: Metals & Mining
NSE: HITECH ISIN Code: INE106T01017
BSE 05:30 | 01 Jan Hi-Tech Pipes Ltd
NSE 00:00 | 17 Jan 179.85 2.55
(1.44%)
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Hi-Tech Pipes Ltd. (HITECH) - Chairman Speech

Company chairman speech

"In view of these realities I foresee attractive prospects across the medium-termand also the long-term as we continue to recalibrate to make Hi-Tech Pipes ready for an'Exciting Future."

Dear shareholders

It's a pleasure to announce that against the backdrop of India's rapidly growing andevolving Indian piping market Hi-Tech Pipes has strengthen its leadership position. Weembraced new tools techniques and opportunities during the year to further buttress ourposition as the market leader. As a proactive company over the last three decades wehave realised the necessity to innovate one's product offerings as well as adapt to theever changing customer needs in order to stay relevant in such a competitive market. Theconsistent growth of our business is a proof of Hi-Tech's ability to adopt new ways tomeet the ever changing customers' needs.

Lead by an outstanding management team coupled with the indomitable spirit of ourcommitted employees as well as strong and loyal distributors and stockists networkHi-Tech Pipes continued to execute its strategy of moving up the value chain by expandingits offerings and capabilities. Our focussed attention on emerging as a complete pipingsolution provider over the couple of years has enabled us to stand in good stead.

We took some decisive steps during the year which we believe shall usher the Companytowards the next phase of growth. We also accomplished solid financial numbers in FY2019validated by the following: revenue grew 34% EBIDTA grew 25% and PAT grew 31%. Wedelivered margin expansion and doubledigit EPS growth. We raised our ratings continued tointegrate and leverage our alliances. We made 'innovative and good' products which perform'better' for the benefit of our customers. We led incremental advances through the use oftop notch automation resulting in assured growth. Further during the year we crossed 2.69lacs MT mark in terms of production after growing nearly 19% compared to the previousfinancial year. We significantly increased the production capabilities in the galvanizedtubes and volume of pre galvanized tubes segment during the year. We also enhanced ourinstalled capacity from 360000 MT to 500000 MT during the year with the addition ofhigher size tube mill at Sanand Plant and expansion of Cold Rolling facility atSikandrabad. We invested in implementing new and improved technologies during the yearsourced from the some of the globally renowned technology suppliers to further improveour productivity quality and efficiency. During the year we installed and commissionednew solar power generation (renewable energy) plant at Hindupur with a capacity of 400 kwand also enhanced the solar power production capability at the Sanand power plant from 250kw to 360 kw. This not only helped the Company to reduce its power cost but also helped inreducing the Company's dependence on external sources for power supply.

With an already established PAN India distribution network the company focused on thefurther stretching our relationship with them during the year. We embarked on a number ofnew initiatives during the year related to further enhancing our brand presence and reach.We also focused on getting closer to and enhancing relations with our dealers anddistributors which resulted into an increased market share in a highly competitive market.

Additionally we focused on increasing our depots and regional offices to furtherenhance the company's proximity with the market.

Outlook

We firmly believe that innovation will continue to be our key differentiator. We wouldalso continue to work towards our vision of 1000000 MT (One Million Ton) installedcapacity and in line with this vision we plan to further increase our current installedcapacity to 600000 MT in FY2020. We plan to add another 100000 capacity in our SteelPipes segment in FY2020. We endeavour to create Hitech Pipes as the most preferred brandby customers. The essence of our paradigm shift is already being reflected in our constantgrowth and we are constantly striving to leave the footprints of our legacy for theupcoming generations.

As is evident the business today is about how we are building ourselves for thefuture. For instance the Company recently came out with a number of new product lineswhich have found increased acceptability across different segments owing to its increasedusability. Innovations like these help Hi-Tech Pipes stay one step ahead of competition.In view of these realities I foresee attractive prospects across the medium-term as wellas long-term as we continue to recalibrate to make Hi-Tech Pipes ready for an 'ExcitingFuture. I would like to end by expressing my heartfelt thanks to all the stakeholders fortheir continued support.

Regards

Mr. Ajay Kumar Bansal

Chairman & Managing Director