Hi-Tech Pipes Q2: Net profit jumps 72% to Rs 18 crore

The company operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.

Hi-Tech Pipes on Wednesday posted a 72 percent increase in its consolidated net profit, reaching Rs 18.11 crore for the second quarter, driven by reduced expenses.

Steel products manufacturer had recorded a net profit of Rs 10.52 crore for the same period in the previous fiscal, it informed the stock exchanges on Tuesday.

Total income for the quarter dipped to Rs 706.86 crore, compared to Rs 746.72 crore in the July-September period of the preceding fiscal year, 2023-24. The company's expenses also saw a decline, dropping to Rs 682.55 crore from Rs 732.69 crore a year earlier.

Ajay Kumar Bansal, Chairman and Managing Director of Hi-Tech Pipes, said, "In Q2 FY25, our total sales volumes rose by 22.50 percent, reaching 1.23 lakh tonnes, propelled by strong demand for steel tubes, structural steel products, and value-added offerings."

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However, Bansal noted that revenue from operations was impacted by a 5.3 percent decrease, mainly due to a significant drop in raw material prices.

Additionally, he highlighted the strong response to the company's Rs 500 crore qualified institutional placement (QIP) from institutional investors. Hi-Tech Pipes operates six integrated manufacturing facilities with a combined installed capacity of 7,50,000 metric tonnes per year.