Hi-Tech Pipes' consolidated net profit zoomed 199.65% to Rs 13.02 crore in Q3 FY23 as against Rs 4.34 crore posted in Q3 FY22.
However, revenue from operations declined 4.89% YoY to Rs 569.28 crore in the quarter ended 31 December 2022.Profit before exceptional items and tax surged 41.73% YoY to Rs 17.39 crore in Q3 FY23.
During the quarter, total expenses fell 5.92% YoY to Rs 552.40 crore. Cost of material consumed was Rs 526.84 (up 9.77% YoY) while finance costs stood at Rs 7.56 crore (down 22.19% YoY).
Meanwhile, the company's board approved the sub-division/split of existing equity share of the company from one equity share having face value of Rs 10 into 10 equity shares having face value of Re 1 each. The record date for the same will be intimated in due course.
Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.
The scrip tumbled 4.23% to end at Rs 903.15 on Friday, 27 January 2023.
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