Steel products maker Hi-Tech Pipes on Wednesday reported a 72% rise in its consolidated net profit to Rs 18.11 crore, supported by reduced expenses. It had posted a Rs 10.52 crore net profit for the period ended September 2023, the company said in an exchange filing on Tuesday.
Its total income declined to Rs 706.86 crore from Rs 746.72 crore in the July-September period of the preceding 2023-24 fiscal. The company reduced its expenses to Rs 682.55 crore from Rs 732.69 crore a year ago.
Hi-Tech Pipes Chairman and Managing Director Ajay Kumar Bansal said, "In Q2 FY25, our total sales volumes increased by 22.50%, reaching 1.23 lakh tonnes, driven by strong demand for steel tubes, structural steel products, and value-added products".
However, its revenue from operations saw a 5.3% decline due to the steep reduction in raw material prices, he added.
He further said the company's Rs 500 crore QIP (qualified institutional placement) saw strong interest from institutional investors.
Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.
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