Hi-Tech Pipes Q1 net profit jumps over 2-fold to Rs 18 cr

New Delhi, Aug 12 (PTI) Steel pipes maker Hi-Tech Pipes on Monday posted an over two-fold growth in consolidated net profit at Rs 18.05 crore in the quarter ended June 2024, on higer revenues.

It had reported a net profit of Rs 8.03 crore in the April-June period of the preceding 2023-24 financial year, the company said in an exchange filing.

The company’s revenues surged 35 per cent to Rs 866.97 crore, from Rs 642.16 crore in the year-ago quarter.

On a standalone basis, the company has reported a net profit of Rs 15.36 crore, up from 6.58 crore in the same period a year ago.

The standalone revenues stood at Rs 723.44 crore, as against Rs 520.25 crore in the year-ago quarter.

Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.

The company is also scaling up its captive renewable energy capacity to 13.5 MW by December-end.