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Iron & Steel Products company Hi-Tech Pipes announced consolidated Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from operations Declined by 3% to Rs 681.03 crore as compared to Rs 701.86 crore in Q4FY23.
- PAT Declined by 29.60% to Rs 11.20 crore as compared to Rs 15.91 crore in Q4FY23 on account of steep decrease in steel prices in Q4FY24.
- Total sales volumes is of 1,07,721 tonnes in Q4FY24 as compared to 1,07,232 tonnes in Q4FY23.
- EBIDTA increased by 4.71% to Rs 35.34 crore in Q4FY24 as compared to Rs 33.75 crore in Q4FY23.
- EBIDTA/ton at Rs 3,280 in FY24 vs Rs 3,147 in FY23, increased by 4.21% YoY.
FY24 Financial Highlights:
- Revenue from operations increased by 13% to Rs 2,699.29 crore as compared to Rs 2,385.85 crore in FY23.
- PAT increased by 16.50% to Rs 44.03 crore as compared to Rs 37.79 crore in FY23.
- Total sales volumes increased by 10% to 3,91,147 tonnes as compared to 3,54,032 tonnes in FY23.
- EBIDTA increased by 11.29% to Rs 114.86 crore in FY24 as compared to Rs 103.21 crore in FY23.
- EBIDTA/ton at Rs 2,937 in FY24 vs. Rs 2,915 in FY23, increased by 0.75% YoY.
Commenting on the performance, Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes Said, “ In spite of challenging environment due to steep reduction of steel prices, during the quarter the company has achieved ever highest volume of 1.07 lacs mt and yearly volume of 3.91 lacs ton. This further establishes the leadership & branding position of the company. The company is moving towards achievement of vision of One Million Ton bit by bit. Now the installed capacity of the company has increased from 5,80,000 mt to 7,50,000 mt by commencement of commercial production of its green field project at Sanand ( Unit — II) with installed capacity of 1,70,000 mt with size range from 15 nb to 400 nb. Further construction activities at Sikanderabad ( Unit — Ill ) with installed capacity of 150,000 mt is in full swing and will be commenced within this financial year.
In order to increase capacity utilisation the company is further strengthening its sales & marketing team and undertaking many branding activities including wall painting, retailers board, social media, retailer & fabricators meetings etc.
Next financial year 2024-25 has started with a positive sign as steel prices has stabilizes now and further price gap between prime material & secondary material has reduced significantly. It is further expected that after election results boost will come in the infrastructure spending by Government of India which will lead to further spurt in steel pipe demand."
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