Hi-Tech Pipes Ltd Share Price – NSE  / BSE

Steel, Small Cap

The Board of Hi-Tech Pipes at its meeting held on 06 November 2024 has approved the 100% acquisition of Hi-tech Global Steels (CIN: U24311DL2024PTC429740) to further expand its business operations.

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However, revenue from operations decreased by 5.37% YoY to Rs 70,590 crore in the quarter ended 30 September 2024.

Profit before tax in the second quarter of FY24 stood at Rs 24.31 crore, up 73.14% from Rs 14.04 crore recorded in the corresponding quarter previous year.

During the quarter, total expenses declined 6.84% YoY to Rs 682.55 crore. Cost of material consumed was Rs 655.65 (up 12.02% YoY) while finance costs stood at Rs 13.56 crore (up 30.51% YoY) and employee benefit expenses was at Rs 8.25 crore (down 10.44% YoY) during the period under review.

On half year basis the company’s consolidated net profit soared 95.67% to Rs 36.16 crore in H1 FY25 as against Rs 18.48 crore posted in H1 FY24. However the company’s revenue from operation rose 13.30% YoY to Rs 1,572.88 crore in H1 FY25.

Meanwhile, the company's board has approved the 100% acquisition of Hi-tech Global Steels to further expand its business operations. The acquisition is expected to be completed within the next 90 days.

Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.

The scrip fell 4.28% to Rs 182.45 on the BSE.

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Net profit of Hi-Tech Pipes rose 71.98% to Rs 18.11 crore in the quarter ended September 2024 as against Rs 10.53 crore during the previous quarter ended September 2023. Sales declined 5.38% to Rs 705.90 crore in the quarter ended September 2024 as against Rs 746.00 crore during the previous quarter ended September 2023.

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Hi-Tech Pipes will hold a meeting of the Board of Directors of the Company on 6 November 2024

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