Venus Pipes & Tubes’ net profit increases by 91% in Q1 FY24, Real Estate News, ET RealEstate

August 27, 2023

NEW DELHI: Venus Pipes & Tubes, a stainless steel pipes and tubes manufacturer and exporter, has reported a growth of 91 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 17.40 crore in Q1 FY24 as against Rs 9.11 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 180.16 crore, a growth of 57.80 per cent from Rs 114.17 crore it recorded in the similar quarter last year.

Arun Kothari, managing director of the company said, “We are happy to report robust financial performance with Revenues growing at 58% year-on-year and EBITDA growing at 92% year-on-year, whilst EBIDTA margins increasing by ~269 bps year-on-year. We started FY24 by commencing operations at our new facilities and now have tripled our capacity along with backward integration of manufacturing of mother hollow pipes. The industry is witnessing a notable shift towards organized players due to the compulsory BIS certification and the implementation of Anti-Dumping Duty (ADD). This provides us a great opportunity to seize the industry’s structural changes.”

The company is planning to add further 400 MT per month of Seamless pipes which is expected to get installed in the coming six months. – The LSAW plant being proposed initially was to manufacture up to 48-inch dia pipes which has been increased to 56-inch pipes which will increase the SKU’s being offered to the customers.

Total capital expenditure of the company will be in the range of Rs. 40-45 crore which will be funded from internal accruals, it said in a media release.

  • Published On Aug 3, 2023 at 07:15 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment