By Malvika Gurung
Investing.com -- The steel pipe manufacturer and supplier Hi-Tech Pipes (NS:HITC) released its earnings result for the quarter ended in March 2023, witnessing a healthy double-digit rise in bottomline and topline figures.
Hi-Tech Pipes’ consolidated net profit jumped 42% to Rs 16 crore in the March quarter compared to Rs 11.22 crore in the same period last year, and the revenue from operations grew 18% YoY to Rs 701.85 crore from Rs 594.77 crore in the corresponding quarter of the previous fiscal year.
The company’s EBITDA rose 13% on a YoY basis to Rs 33.75 crore and sales volumes grew by 26% YoY to Rs 1.07 lakh tonne during the quarter under focus. Its EBITDA/ton during the fourth quarter of FY23 decreased by 10% YoY to Rs 3,147.
During the financial year 2022-23, Hi-Tech Pipes’ debt-equity ratio improved significantly to 0.66x from 1.42x in the previous year, and the current ratio improved to 1.46x from 1.43x.
Its PAT during the year reduced by 6% YoY to Rs 37.79 crore, but revenue from operations grew 27% to Rs 2,385.85 crore in the year.
The small-cap company registered its highest-ever PAT, revenue, EBITDA, and sales volume in Q4 FY23.
“Going forward we will continue to look at opportunities to expand in the high demand and profitable geographies of the country as well as increase share of value added products in our portfolio,” said Hi-Tech Pipes’ Chairman and MD, Ajay Kumar Bansal.