Venus Pipes & Tubes achieves highest ever quarterly revenue in Q2 FY24

Venus Pipes & Tubes Ltd, a premier manufacturer and exporter of stainless steel pipes and tubes in India, recently unveiled its financial results for Q2 and H1 FY24. The company marked its highest ever quarterly revenue, achieving Rs 191.4 crores, reflecting a year-on-year growth of 51.4%. Additionally, its EBITDA shot up by 124.5% to reach Rs 34.8 crores, with the Profit After Tax (PAT) escalating to Rs 20.3 crores, a rise of 97.1% compared to the previous year.

Operational Highlights from the Report

The past quarter witnessed the company earning its record quarterly revenue of Rs 191.4 crores, with EBITDA margins exceeding 18%. The revenues for H1 FY24 stood firm at Rs. 371 crores, marking a 54.6% Y-o-Y growth and EBITDA margins at 16.8%. Interestingly, there was a staggering 153% growth in the revenues for Q2FY24 from Stainless steel seamless pipes, while Welded pipes saw a 1% Y-o-Y rise.

Volume metrics indicated that Seamless Pipes grew by over 100% and Welded Pipes experienced high teens’ growth for Q2FY24 compared to the same time last year. Export growth was notable, with exports constituting roughly 15% of the total Q2FY24 revenues, a leap from Rs 1.6 crores in Q2FY23 to Rs 28.5 crores.

Managing Director’s Insight

Arun Kothari, Managing Director of Venus Pipes & Tubes Ltd, shared his perspective: “We are happy to report robust financial performance with highest ever Revenues of Rs 191.4 crores growing at 51% Y-o-Y… Our commitment to delivering best-in-class products remains unwavering, and we are dedicated to elevating the Venus brand to new heights.”