Hi-Tech Pipes Surges Ahead with 72% Profit Increase Amid Reduced Expenses

Hi-Tech Pipes reported a 72% rise in quarterly net profit to Rs 18.11 crore, although total income fell. The company cited reduced expenses and strong demand for steel products as key drivers. Despite a decrease in revenue due to lower raw material prices, sales volumes grew significantly.

Hi-Tech Pipes has announced a substantial 72% increase in its consolidated net profit for the latest quarter, recording Rs 18.11 crore, supported by significantly reduced expenses. The company previously posted a net profit of Rs 10.52 crore for the same period ending September 2023.

The total income saw a decline, falling to Rs 706.86 crore compared to the Rs 746.72 crore recorded in the previous fiscal year's July-September period. This decline is offset by reduced expenses, down to Rs 682.55 crore from Rs 732.69 crore a year earlier.

Ajay Kumar Bansal, Chairman and Managing Director of Hi-Tech Pipes, highlighted a sales volume increase of 22.50%, attributing the success to rising demand for steel tubes, structural steel, and value-added products. However, revenue from operations fell due to decreasing raw material prices. The company's recent Rs 500 crore QIP attracted notable interest from institutional investors. Hi-Tech Pipes operates six integrated manufacturing facilities with a combined capacity of 750,000 metric tonnes annually.

(With inputs from agencies.)