Hi-Tech Pipes soars after sales volume rises by 40% YoY in Q3

Hi-Tech Pipes jumped 4.22% to Rs 854.15 after the company said that it had recorded sales volumes of 91,232 thousand tonnes in Q3 FY23 as against 65,088 thousand tonnes in Q3 FY22, a growth of 40% YoY.

On a sequential basis, the sales volume is higher by 7% as compared with the sales volume of 85,500 recorded in Q2 FY23.

The company further said that it had started commercial production of color coating line at Sikandrabad, Uttar Pradesh, with an installed capacity of 50,000 MTPA. This would result in forward integration to the company's existing cold rolling and continuous galvanizing line facility and would help increase the overall capacity utilization of existing facilities.

This value added product of the company has applications in railways, airports, warehouses, industrial sheds, doors and window frames, residential roofing, metros,hilly areas, etc.

Hi-Tech Pipes is a manufacturer of steel tubes and pipes and flat steel products. Operations are managed by Mr Ajay Bansal and Mr Anish Bansal. Manufacturing capacities are in Sikandrabad (Uttar Pradesh) and Sanand (Gujarat).

The company's consolidated net profit declined 56.82% to Rs 4.34 crore despite a 29.89% increase in sales to Rs 598.53 crore in Q2 FY23 over Q2 FY22.

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