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    Hi-Tech Pipes Q4 Results: Net profit rises 42% to Rs 16 crore

    Synopsis

    Hi-Tech Pipes Ltd has reported a 42% increase in its consolidated net profit to nearly INR 16 crore in the March 2023 quarter, driven by higher revenues. The revenue from operations increased by 18% to INR 701.85 crore compared to the year-ago quarter. Its Chairman and Managing Director (CMD) Ajay Kumar Bansal said that the company has registered the highest-ever sales volume, revenue, PAT, and EBIDTA during this quarter. Additionally, its greenfield facility of large diameter pipes in Gujarat is expected to commence commercial production from the third quarter of FY24.

    Hi-Tech Pipes Q4 net profit grows 42 pc to Rs 16 criStock
    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.



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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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