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Business News/ Markets / Stock Markets/ Hi-Tech Pipes Q4 earnings: PAT zooms 42% to ₹16 Cr on higher sales volumes

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Hi-Tech Pipes Q4 earnings: PAT zooms 42% to ₹16 Cr on higher sales volumes

1 min read 28 May 2023, 04:54 PM IST Vipul Das

Hi-Tech Pipes Ltd. reported a 42 percent rise in its consolidated net profit to around ₹16 crore in the quarter ending in March 2023 compared to a net profit of ₹11.22 crore in the quarter ending in January-March of 2021–2022.

On Friday, the shares of Hi-Tech Pipes closed on the BSE at ₹76.21 apiece up by 1.45% from the previous close of ₹75.12.

Hi-Tech Pipes Ltd. reported a 42 percent rise in its consolidated net profit to around ₹16 crore in the quarter ending in March 2023 compared to a net profit of ₹11.22 crore in the quarter ending in January-March of 2021–2022.

Its revenue from operations climbed by 18 per cent to ₹701.85 crore in Q4FY23 from ₹594.77 crore in the year-ago quarter. In Q4 FY23, the sales volumes increased by 26 per cent y-o-y to 1.07 lakh tonne (LT). The company said its EBITDA rose by 13 per cent to ₹33.75 crore and EBITDA/ton stood at Rs.3,147 in Q4FY23 vs. Rs.3,511 in Q4FY22.

The company said its debt-equity ratio has improved significantly to 0.66x in FY23 from 1.42x in FY22 and debt service coverage ratio has improved to 1.33x from 1.56x.

Commenting on the performance, Mr. Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes Ltd. Said, “I feel so elated to share that, during this Quarter the Company have registered ever highest Sales Volume, Revenue, PAT and EBIDTA. Net working Capital days of the company have reduced substantially to 48 days. Our New Product “HitechColorStar" for premium Color Coated Coils have been well appreciated and accepted, we are confident of emerging as a strong brand across the country in this segment."’

“Our greenfield facility of Large Dia. Pipes at Makhiyav, Sanand Gujarat is about to commission, we are expecting to start the Commercial production form Q3FY24 onwards. This facility alongwith our color coating line will not only help us to increaee the volumes but also to improve the margins and strengthen the company reach into different territories. Going forward we will continue to look at opportunities to expand in the high demand and profitable geographies of the country as well as increase share of value added products in our portfolio," Ajay Kumar Bansal further added.

On Friday, the shares of Hi-Tech Pipes closed on the BSE at ₹76.21 apiece up by 1.45% from the previous close of ₹75.12.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).