Hi-Tech Pipes Q2 net profit grows two-fold to Rs 10.53 cr

NEW DELHI: Hi-Tech Pipes has posted over two-fold jump in consolidated net profit at Rs 10.53 crore in the September quarter, on higher income.

It had clocked Rs 4.34 crore net profit in the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Saturday.

The company's total income rose to Rs 746.73 crore in the quarter under review, from Rs 599.40 crore in the year-ago quarter.

In a separate statement, Hi-Tech Pipes said total sales volumes increased by 17.45 per cent to 1 lakh tonnes, as compared to 0.85 lakh tonnes in Q2 FY23, led by better demand for steel tubes/structural steel products and value-added products.

Hi-Tech Pipes' Managing Director Ajay Kumar Bansal said during this quarter the company reported its highest ever revenue from operations. The healthy order book from government projects like Jal Jeevan Mission helped in maintaining a good momentum.

''We will continue to increase the share of value-added products in our product basket and increase the overall market share of the company in steel piping,'' he said.

The company's greenfield facility of large diameter pipes at Sanand in Gujarat is in advanced stages and is likely to start commercial production from the third quarter of FY24, Bansal said.

Hi-Tech Pipes owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Andhra Pradesh with a total installed capacity of 5.80 lakh tonnes.

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.