Hi-Tech Pipes Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
October 28, 2023 at 03:07 am EDT
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Hi-Tech Pipes Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was INR 7,460.01 million compared to INR 5,985.28 million a year ago. Revenue was INR 7,467.28 million compared to INR 5,994.07 million a year ago. Net income was INR 105.29 million compared to INR 43.44 million a year ago. Basic earnings per share from continuing operations was INR 0.81 compared to INR 0.35 a year ago. Diluted earnings per share from continuing operations was INR 0.59 compared to INR 0.35 a year ago.
For the six months, sales was INR 13,881.67 million compared to INR 11,147.03 million a year ago. Revenue was INR 13,891.71 million compared to INR 11,161.49 million a year ago. Net income was INR 184.78 million compared to INR 88.23 million a year ago. Basic earnings per share from continuing operations was INR 1.42 compared to INR 0.72 a year ago. Diluted earnings per share from continuing operations was INR 1.04 compared to INR 0.72 a year ago.
Hi-Tech Pipes Limited is an India-based company that is engaged in manufacturing and supplying electric resistance welding (ERW) steel round and section pipes, cold rolled strips and engineering products and distribution of the same across India. Its key products include black hollow section and round pipe, galvanized and pre-galvanized pipes and cold rolled coils (CR). Its products are used in multiple sectors, including infrastructure, construction, automobiles, energy, agriculture, defense, engineering and telecom. It operates under the manufacturing of Steel Tubes & Pipes. Its product brands include JalShakti, Organic Pipes, FireFighter, Bahubali, Pre-Gal, Casewell, Shakti, Flatmax, Crashguard, Pillar, ColorStar and Metal GC Sheet. The Company has its five manufacturing facilities spread across four states, namely Uttar Pradesh, Gujarat, Andhra Pradesh and Maharashtra. It has an installed capacity of approximately one million metric tons (MT) per annum.