In a big monetary feat, Hi-Tech Pipes, a number one participant in the metal and structural merchandise business, has reported a outstanding surge in consolidated net profit, reaching Rs 10.53 crore in the September quarter. This achievement represents a greater than two-fold improve in comparison with the net profit of Rs 4.34 crore reported throughout the July–September interval of the earlier fiscal yr, 2022–23. The firm disclosed this substantial development in its regulatory submitting on a latest Saturday. The notable development is attributed to increased revenue and strong efficiency throughout the quarter.
A separate assertion issued by Hi-Tech Pipes highlights a 17.45 p.c improve in whole gross sales volumes, totaling 1 lakh tonnes, up from 0.85 lakh tonnes reported in Q2 FY23. This development was primarily pushed by heightened demand for metal tubes, structural metal merchandise, and value-added choices.
Ajay Kumar Bansal, Managing Director of Hi-Tech Pipes, expressed his satisfaction with the quarter’s results. He famous that the corporate achieved its highest-ever income from operations throughout this era, attributing the optimistic efficiency to a strong order e-book from authorities initiatives just like the Jal Jeevan Mission.
Looking forward, Bansal emphasised the corporate’s dedication to rising the share of value-added merchandise in its product portfolio and increasing its market share in the metal piping section. Additionally, Hi-Tech Pipes has an upcoming greenfield facility for large-diameter pipes positioned in Sanand, Gujarat. The facility is in superior phases of improvement and is anticipated to begin industrial manufacturing in the third quarter of FY24.
Hi-Tech Pipes operates built-in manufacturing services in Sikandrabad, Uttar Pradesh; Sanand, Gujarat; and Hindupur, Andhra Pradesh, boasting a mixed put in capability of 5.80 lakh tonnes. Apart from metal pipes, the corporate is engaged in the manufacturing of hole sections, tubes, cold-rolled coils and strips, street crash obstacles, photo voltaic mounting buildings, and varied different galvanized merchandise.
