Hi-Tech Pipes announces highest-ever revenue from operations in September quarter

Hi-Tech Pipes, a leading steel processing company, has declared its second-quarter earnings for the financial year 2023-24. The company said that its revenue from operations grew by 25 per cent to Rs 746 crore as compared to Rs 598.52 crore in the July-September quarter. The jump in revenue was led by higher sales volume, improved sales realisation and higher sales of value-added products. 

The total sales volumes during the quarter increased by 17.45 per cent to 1 lakh tonnes as compared to 0.85 Lakh tonnes in Q2FY23. This was led by better demand for steel tubes and structural steel products.

For the first half of the current financial year (April to September), the revenue from operations increased by 24.53 per cent to Rs1388.17 crore as compared to Rs1114.69 crore in H1 FY23. The total sales volumes increased by 18.90 per cent to 1.85 Lakh tonnes in the period as compared to 1.55 lakh tonnes in H1 FY23.

Ajay Kumar Bansal, MD, said that EBITDA per ton during the quarter also improved sequentially. The healthy order book from government infrastructural, Jal Jeevan Mission and other projects aided in maintaining good momentum.

Also, the the ramp-up from Sanand phase II green field facility edged to penetrate in large dia segments of water, city gas, oil distribution and construction sectors, he said.

"We continue to remain prudent to increase the share of value-added products in the product basket and to increase the overall market share of the company in the steel piping industry," he said.

Hi-Tech Pipes have a presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers among others. The company operates state-of-the-art integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat, Hindupur in Andhra Pradesh and Khopoli in Maharashtra. The company has an installed capacity of 5,80,000 MTPA on a consolidated basis and direct marketing presence in over 20 states.

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