Saturday, July 13, 2024

Hi-Tech Pipes Ltd. Records Highest Sales Volume in Q3FY23 +40% Announces stock Split

Hi-Tech Pipes Ltd. (NSE: HITECH, BSE: 543411), one of the leading steel processing companies in India, reported its financial results for the Quarter and Nine Months ended 31stDecember 2022 with Q3FY23 Revenues from operations going up 29% to Rs.569.29 Crore as compared to Rs. 440.02 Crore in Q3FY22;Total sales volumes increased by 40% to 91,232 tonnes as compared to 65,088 tonnes in Q3FY22; Profits after tax increased by 28% to Rs.13.02 Cr. as compared to Rs.10.17 Cr. in Q3FY22.

Meanwhile, it  started the Commercial Production of Color Coating Line at Sikandrabad, U.P. with an installed capacity of 50,000 MTPA,a Forward integration to  existing Cold Rolling and Continuous Galvanizing Line facility. The company has witnessed an increase in overall capacity utilization of existing facilities.

Commenting on the performance, Mr. Ajay Kumar Bansal, Chairman and Managing
Director, Hi-Tech Pipes Ltd. said,
“During this Quarter the Company has register a healthy set of numbers in terms of Revenue, Highest Sales Volume and Profitability, this is mainly due to better capacity utilization, improved sales realizations and increase in share of Value added Products. The Commercial production of our new Color Coating Line has commenced in this month we are happy that this high margin value added product will further help in strengthening the Company’s margin on blended Level in medium to long term. In lines with our commitment to environment and making ourselves energy self-sufficient, I am happy to announce that now the maximum of power requirements in our Sikendrabad, U.P. plant now shall be fulfilled by the renewable resources. We as Company always committed to fulfil the requirements of the Society as well as Nature. Not only on the environmental front this development will also help us to reduce significantly the cost element in our manufacturing process”.

Company has also paid a final dividend of Rs 0.50 per equity share. The company’s board also approved  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 subject to the approvals.

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