By Aayush Khanna
Hi-Tech Pipes Limited (NS:HITC), a prominent player in the Indian steel processing industry, recently disclosed its sales volume performance for the quarter and nine months ended 31 December 2023.
In Q3 FY24, Hi-Tech Pipes achieved a sales volume of 98,512 MT, showcasing an impressive 8% year-on-year growth compared to Q3 FY23's figure of 91,232 MT. The momentum continued in the nine months period, with total sales volumes reaching 2,83,426 MT, indicating a substantial YoY growth of 14.25% from 2,48,089 MT in 9M FY23.
The noteworthy aspect is the company's focus on value-added products, constituting 31% of sales volumes in the specified nine months period. Mr. Ajay Kumar Bansal, the Chairman and Managing Director of Hi-Tech Pipes Ltd., expressed satisfaction with the sales performance, highlighting the positive indicators signaling robust demand for steel tubes and pipes in the foreseeable future.
Mr. Bansal also shared significant progress in the construction of the company's state-of-the-art ERW pipe plant at Sanand, Gujarat. The plant, in advanced stages of commissioning, represents a strategic milestone in Hi-Tech Pipes' expansion plans. Once operational, it is expected to significantly augment production capacity and contribute to the overall share of value-added products.
In conclusion, Mr. Bansal affirmed Hi-Tech Pipes' well-positioned status to capitalize on the anticipated growth in demand. He emphasized the company's commitment to innovation, quality, and customer satisfaction, positioning Hi-Tech Pipes as a trusted partner capable of meeting the evolving needs of clients. The ongoing developments underscore Hi-Tech Pipes' strategic approach to growth and its readiness to navigate the evolving landscape of the steel industry.
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