Hi-Tech Pipes’ net profit declines by 49.37% in Q1 FY24, Real Estate News, ET RealEstate

August 26, 2023

NEW DELHI: Hi-Tech Pipes has reported a dip of 49.37 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 8.02 crore in Q1 FY24 as against Rs 15.84 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 642.44 crore in Q1 FY24, a dip of 8.50 per cent from Rs 702.15 crore it recorded in the similar quarter last year.

Ajay Kumar Bansal, chairman and managing director said, “Our Greenfield facility of Large Dia. Pipes at Makhiyav, Sanand Gujarat is on the verge of commissioning with commercial production set to commence from Q3FY24 onwards. This facility, in conjunction with our color coating line will not only help us to increase the volumes but also improve the margins and strengthen the company’s reach into different territories. Now the price trend of steel has reversed and we are expecting robust demand and promising opportunities in the upcoming quarters.”

The board of directors approved re-appointment of Mukesh Kumar Garg as non- executive independent director of the company for the second term of three years.

Anish Bansal, whole time director and chief financial officer (CFO) of the company resigned from the post of CFO and will continue to act as whole time director on the board. The board of director has on the recommendation of Nomination and Remuneration Committee and approval of Audit Committee, approved the appointment of Arvind Kumar Bansal as CFO-KMP of the company and further designated him as executive director and CFO at group.

Company’s total sales volumes increased by 21% to 84,500 tonnes in Q1 FY24 as compared to 70,000 tonnes in Q1 FY23.

  • Published On Aug 11, 2023 at 02:45 PM IST

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