Corporate Feature     

Published: June 15, 2023
Updated: June 15, 2023

Hi-tech Steel Pipes

All growth indices up in FY 2023

New Delhi-headquartered Hi-tech Steel Pipes, a leading steel processing company which makes world-class innovative products with a strong presence in steel pipes, hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures and a variety of other galvanized products, has put up a heartwarming performance for Q4 FY2023 and fiscal 2023 with revenue from operations rising by 27 per cent to Rs 2,385.85 crore for the fiscal year, EBITDA growing 8 per cent to Rs 103.71 crore, and the net profit inching up by 6 per cent to Rs 37.79 crore.

During Q4 of fiscal 2023, the company has performed very well with revenues from operations up by 18 per cent to Rs 701.85 crore, sales volume increasing by 26 per cent to 1.07 lakh tonnes, EBITDA growing by 13 per cent to Rs 33.75 crore, and profit at net level spurting by 42 per cent to Rs 15.91 crore.

Commenting on the performance, an elated Ajay Kumar Bansal, Chairman and Managing Director, maintained that during the last quarter of fiscal 2023, the company registered the highest-ever sales volume, revenue, PAT and EBITDA. “The net working capital days of the company have reduced substantially to 48 days. Our new product, ‘Hitech Color Star’, for premium colour-coated coils has been well-appreciated and accepted. We are confident of emerging as a strong brand across the country in this segment,” he said.

GREENFIELD PUSH

According to Mr Bansal, “Our greenfield facility of large diameter pipes at Makhiyav, Sanand in Gujarat is about to be commissioned, and we are expecting to start commercial production from Q3FY24 onwards. This facility, along with our colour-coating line, will not only help us to increase volumes but also to improve the margins and strengthen the company’s reach in different territories. Going forward, we will continue to look at opportunities to expand in the high-demand and profitable geographies of the country as well as to increase the share of value-added products in our portfolio.”