+
Hi-Tech Pipes Q2 net profit jumps 72%
ECONOMY & POLICY

Hi-Tech Pipes Q2 net profit jumps 72%

Steel products maker Hi-Tech Pipes reported a 72 % rise in its consolidated net profit to Rs 181.1million , supported by reduced expenses. It had posted a Rs 105.2 million net profit for the period ended September 2023, the company said in an exchange filing on Tuesday. Its total income declined to Rs 706.86 crore from Rs 7.46 million in the July-September period of the preceding 2023-24 fiscal. The company reduced its expenses to Rs 6.82 million from Rs 7.32 million a year ago. Hi-Tech Pipes Chairman and Managing Director Ajay Kumar Bansal said, "In Q2 FY25, our total sales volumes increased by 22.50 % , reaching 1.23 lakh tonnes, driven by strong demand for steel tubes, structural steel products, and value-added products". However, its revenue from operations saw a 5.3 % decline due to the steep reduction in raw material prices, he added. He further said the company's Rs 5 billion QIP (qualified institutional placement) saw strong interest from institutional investors. Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.

Steel products maker Hi-Tech Pipes reported a 72 % rise in its consolidated net profit to Rs 181.1million , supported by reduced expenses. It had posted a Rs 105.2 million net profit for the period ended September 2023, the company said in an exchange filing on Tuesday. Its total income declined to Rs 706.86 crore from Rs 7.46 million in the July-September period of the preceding 2023-24 fiscal. The company reduced its expenses to Rs 6.82 million from Rs 7.32 million a year ago. Hi-Tech Pipes Chairman and Managing Director Ajay Kumar Bansal said, In Q2 FY25, our total sales volumes increased by 22.50 % , reaching 1.23 lakh tonnes, driven by strong demand for steel tubes, structural steel products, and value-added products. However, its revenue from operations saw a 5.3 % decline due to the steep reduction in raw material prices, he added. He further said the company's Rs 5 billion QIP (qualified institutional placement) saw strong interest from institutional investors. Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code