Hi-Tech Pipes Q3 net profit grows 28% to 13 crore

Hariom Pipe Industries | CMP: Rs 317.90 | The stock price surged over 11 percent after the company completed the setting up of its 15 tonne electric melting furnace and the commercial production from the same will commence from November 25, 2022. This will increase the company's production of MS billets from the current 95,832 MTPA to 1.04 lakh MTPA.

Hi-Tech Pipes on Saturday reported over 28 per cent jump in its consolidated net profit to Rs 13.02 crore for the December 2022 quarter on account of higher income.

The company had clocked Rs 10.16 crore during the same period of the preceding fiscal, the steel pipes maker said in a regulatory filing.
Its total income also rose to Rs 569.80 crore from Rs 440.03 crore in the year-ago quarter.
Its expenses grew to Rs 552.40 crore in the December 2022 quarter from Rs 426.18 crore a year ago.
The consolidated results include results of subsidiary companies HTL Ispat Pvt Ltd, HTL Metal Pvt Ltd and Hitech Metalex Pvt Ltd, it said.
The company's board also approved a proposal for "sub-division/split of existing equity share from one equity share having face value of Rs 10 each, fully paid-up into 10 equity shares having face value of Rs 1...," Hi-Tech Pipes said.
However, the proposal is subject to the approval of shareholders and other competent authorities, it said.
During the quarter under review, the company has also paid a final dividend of Rs 0.50 per equity share of Rs 10 each for the financial year 2021-22.
Hi-Tech Pipes owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka.
The company recently signed an agreement with the Uttar Pradesh government to set up a steel manufacturing facility at an investment of Rs 510 crore.