Hi-Tech Pipes’ net profit increases by 31.17% in Q2 FY24, Real Estate News, ET RealEstate

October 29, 2023

NEW DELHI: Hi-Tech Pipes, a steel processing company, has reported a growth of net consolidated profit by 31.17 per cent during the quarter ended September 30, 2023. It’s net profit stood at Rs 10.52 crore in Q2 FY24 as against Rs 8.02 crore it registered in the corresponding quater of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 746.72 crore in Q2 FY24, a growth of 16.23 per cent from Rs 642.44 crore it recorded in the similar quarter last year.

“During this quarter we have reported ever highest revenue from operations. The EBITDA/ton is also sequentially improved on quarter-on-quarter. We continue to remain prudent to increase the share of value added products in our product basket and to increase the overall market share of the company in steel piping industry,” said Ajay Kumar Bansal, managing director of the company.

Total sales volumes increased by 17.45% 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 product. Total sales volumes increased by 18.90% to 1.85 Lakh tonnes as compared to 1.55 Lakh tonnes in H1 FY23.

The company’s debt-equity ratio has declined from 0.66x in FY23 to 0.76x in H1 FY24 while current ratio has slightly decline from 1.46x in FY23 to 1.43x in H1 FY24.

  • Published On Oct 29, 2023 at 04:00 PM IST

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