Hi-Tech Pipes Q2 net profit jumps 72%

08 Nov 2024 CW Team

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.

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