Hi-Tech Pipes Surges as Q2 Results Show Strong Growth

Hi-Tech Pipes Surges as Q2 Results Show Strong Growth

VoM News Desk | October 30, 2023 | 05:52 PM IST | Breaking News | Follow on Google News

Hi-Tech Pipes Surges as Q2 Results Show Strong Growth

Hi-Tech Pipes Surges as Q2 Results Show Strong Growth

Shares of Hi-Tech Pipes have been on an upward trajectory in today’s stock market session. The metal stock opened higher and reached an intraday high of ₹104 per share on the NSE, coming within one percent of its existing record high of ₹105.20 per share. The strong performance of the metal stock follows the recent announcement of the company’s Q2 results for 2023.

Robust Q2 2023 Results

During the July to September 2023 quarter, Hi-Tech Pipes reported a net profit of ₹10.52 crore, a significant improvement from ₹4.34 crore in the previous quarter. This represents a twofold increase in net profit compared to the previous quarter. On a year-on-year (YoY) basis, the company’s net profit has risen by over 31 percent, showing impressive growth from Q2FY23’s net profit of ₹8.02 crore to ₹10.52 crore in the recently concluded September 2023 quarter.

Impressive Revenue Growth

The company’s total income in the second quarter of the current financial year stood at ₹746.73 crore, marking a quarter-on-quarter (QoQ) growth of 24.58 percent, compared to the total income of ₹599.40 crore in the April to June 2023 quarter. On a YoY basis, the total income increased by approximately 16.25 percent, with the company’s total income in the corresponding period of the previous financial year at ₹642.44 crore.

Revenue and EBITDA Growth

The YoY revenue from operations of Hi-Tech Pipes saw significant growth, increasing by 25 percent to ₹746.00 crore, compared to ₹598.52 crore in Q2FY23. This growth was attributed to higher sales volume, improved sales realization, and higher sales of value-added products. The company’s total sales volumes increased by 17.45 percent, reaching 1.00 lakh tonnes compared to 0.85 lakh tonnes in Q2FY23, driven by increased demand for steel tubes/structural steel products and value-added products.

In Q2FY24, the company’s EBITDA increased by 13.49 percent to ₹26.75 crore, compared to ₹23.57 crore in Q2FY23.

Strong H1FY24 Results

In the first six months of the current financial year, the company’s revenue from operations grew by 24.53 percent to ₹1,388.17 crore, compared to ₹1,114.69 crore in H1 FY23. This remarkable growth was attributed to higher sales volume and improved sales realization. The company’s EBITDA for April to September 2023 increased by 15.83 percent to ₹47.95 crore, compared to ₹41.40 crore in H1 FY23.

The positive results and growth demonstrated by Hi-Tech Pipes have generated enthusiasm among investors and strengthened the company’s position in the metal sector.

Disclaimer: The opinions and suggestions provided in this article are those of individual analysts and do not reflect the viewpoints of VoM News. We encourage investors to consult with certified experts before making any investment choices.

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