Hi-Tech Pipes Exhibiting Steady Growth Figures Increasing In Q2 And H1 FY25

Hi-Tech Pipes Limited, has today made qualitative sales volume results for the second quarter and the first half of fiscal year 2025 period which lasted till September 30, 2024. The company performed well, with a sales volume of 123,027 metric tons (MT) for Q2 FY25, representing a significant year-on-year (YoY) rise of 22.5%. For the first half-year period of FY25, High Tech Pipes achieved total sales of 245,182 MT registering a notable 32.55% YoY growth spurred by increased demand in many sectors.

Hi-Tech Pipes Ltd Chairman Mr. Ajay Kumar Bansal was quite pleased with the work done by the company and said "To achieve the level of sales growth which we are now reporting is a great pleasure. These numbers demonstrate that we have strong market fundamentals and are able to serve the changing demands of our customers in critical areas such as infrastructure, water management, and green energy. These achievements in particular were made possible due to our production of steel pipes and the actions we undertook. Moving forward, we have no doubt on our growth path, as the festive season and various infrastructure development policies give us the way forward."

The company's stock today maintained a positive movement, gaining 0.79% to trade at RS 193.84 each, above the previous close of RS 192.32 per share. Shares of Hi-Tech Pipes have earned a profit over the past year standing at a 52-week high of RS 210.85 and low of Rs 79.45 as the company's shares outlook appears very bright.

During the previous month that was June, awards that amounted to RS 105 crore for the supply of electric resistance welded (ERW) steel pipes to the clients in renewable energy were booked by Hi-Tech Pipes. These orders would be executed in the period of three months from the newly inaugurated plant of the company located at Sanand, Gujarat, which was installed about three months ago.

Furthermore, Hi-Tech Pipes has been consistent in its performance and has therefore reported clinically consistent results as evidenced in Q1 FY24. The reported consolidated net income for the three month period composed of all revenues over expenses was RS 18.05 crore for the period ending June 2024, upwards of over 100% from RS 8.03 crore recorded in the same quarter of the previous year. Revenue numbers also increased significantly as the company's revenues rose by 35% to reach RS 866.97 crore compared to Rs 642.16 in Q1 FY23.

Hi-Tech Pipes is a premium steel processing company that has successfully underscored its position in the industry by introducing a range of new products consisting of steel pipes, hollow sections, tubes, cold rolled coils, road crash barriers and solar mounting structures. The company has so far consolidated and installed state-of-the-art manufacturing facilities at six locations in the country, which is 750,000 metric tonnes per annum MTPA. As part of its further growth strategy, Hi-Tech Pipes targets reaching a capacity of one million metric tons by the end of FY25 which will further consolidate its position in the industry.