Hi-Tech Pipes Ltd - Q3FY24 sales volume performance

Hi-Tech Pipes Limited (NSE: HITECH and BSE Scrip Code: 543471), one of the leading steel processing companies in India, has announced its Sales Volume Performance for the Quarter and Nine Months Ended December 31,2023.

- Registered a Sales volumes of 98,512 MT in Q3FY24 vs. 91,232 MT in Q3FY23, a growth of 8% YoY

- Total Sales volumes of 2,83,426 MT in 9MFY24 vs. 2,48,089 MT in 9MFY23, a growth of 14.25% YoY

- The share of Value Added product stood at 31% in 9MFY24

Mr. Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes Ltd. said, "During this Quarter and Nine Months Ended FY24 we have witnessed a growth of 8% and 14.25% in sales volume compared to the same period last year and are experiencing positive indicators that point to a robust demand for steel tubes and pipes in the coming period.

I am pleased to report that our new state-of-the-art ERW pipe plant at Sanand, Gujarat is making significant progress and is at an advanced stage of commissioning. This facility represents a strategic milestone in our expansion plans and will significantly enhance our production capacity and overall Value added Product Contribution.

In light of these factors, we are well-positioned to capitalize on the anticipated growth in demand. Our commitment to innovation, quality, and customer satisfaction positions us as a trusted partner in meeting the evolving needs of our clients."

Shares of Hi-Tech Pipes Limited was last trading in BSE at Rs. 134.55 as compared to the previous close of Rs. 136.85. The total number of shares traded during the day was 957578 in over 8392 trades.

The stock hit an intraday high of Rs. 137.50 and intraday low of 131.50. The net turnover during the day was Rs. 128324216.00.

Source : Equity Bulls

Keywords

HiTechPipes INE106T01017 Sales Volume PerformanceUpdate Q3FY24