Hi-Tech Pipes Limited reports robust Q2&H1 FY24 results: Revenue and sales volume surges

Hi-Tech Pipes Limited, a forefront steel processing company in India, revealed its financial results for the quarter ending 30th September 2023. The company achieved its highest ever revenue from operations in Q2 FY24, amounting to Rs.746.00 Crore, marking a 25% increase from Rs.598.52 Crore in Q2FY23. This boost can be attributed to improved sales realization, increased sales of value-added products, and a surge in sales volume by 17.45% to 1.00 Lakh tonnes. Furthermore, the company’s EBITDA climbed by 13.49% to Rs.26.75 Crore, but EBITDA/ton witnessed a 3.51% YoY decline.

Hi-Tech Pipes H1 FY24 Financial Breakdown

For the half-year ending in September 2023, the revenue from operations rose by 24.53% to Rs.1388.17 Crores when compared to Rs.1114.69 Crore in H1 FY23. The total sales volumes went up by 18.90% to 1.85 Lakh tonnes. The EBITDA escalated by 15.83% to Rs.47.95 Crore in H1 FY24 from Rs. 41.40 Crore in H1 FY23. However, there was a slight decline in EBITDA/ton by 2.58%. Financial ratios showed that the Net Working Capital Days increased to 52 days, the Debt Equity Ratio went up to 0.76x, and the Current Ratio saw a minor dip to 1.43x in H1 FY24.

CEO’s Perspective on Performance

Ajay Kumar Bansal, reflected on the impressive performance, stating, “During this quarter we have reported ever highest revenue from operations… The ramp up from our Sanand (Gujarat) Phase II green field facility will edge us to penetrate in large segments… This facility is in an advanced stage of commissioning and is expected to go live from Q3FY24. We aim to elevate the share of Value Added products in our product range and bolster the overall market share of the Company in the Steel Piping Industry.”