Hi-Tech Pipes PAT at Rs4.2cr in Q4FY20

The annual net revenue from operations reported is Rs1209.1cr in FY20, as against Rs1360.4cr in FY19, a yoy de-growth of 11%, mainly on account of a decrease in steel prices.

Jun 29, 2020 12:06 IST India Infoline News Service

Steel processing company Hi-Tech Pipes Limited announced its financial results for the fourth quarter and year ended March 31, 2020 on Saturday. The company reported a Profit after Tax of Rs4.2cr in Q4FY20 as against Rs8.3cr in Q4FY19, Year-on-Year de growth of 50%.

Net revenue from operations stood at Rs299.8cr in Q4FY20, as against Rs380.4cr in Q4FY19, a YoY de growth of 21% mainly on account of lockdown and decrease in steel prices. Net volume is 69700 mt in Q4FY20, as against 80100 mt in Q4FY19, a YoY de growth of 13% on account of outbreak of Covid 19 and subsequent lock down.

The annual Profit after Tax stood at Rs20.4cr in FY20 as against Rs27.5cr in FY19, YoY de growth of 26%. Net volume is 283200 mt in FY20, as against 269100 mt in FY 19, volume growth of 5%. The annual net revenue from operations reported is Rs1209.1cr in FY20, as against Rs1360.4cr in FY19, a YoY de growth of 11%, mainly on account of decrease in steel prices.

“Q4FY20 has been impacted by outbreak of Covid-19 Corona Virus. The outbreak of Covid-19 globally and resultant lockdown in many countries, including from 22nd March 2020 in India, has had impact on the business of the company. Consequently lower production for its steel products has impacted the margins,” Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes Ltd. said.

“The lock down of Covid-19 is also continuing in FY21 and the company is continuing its operations in all major business units with current lower production. Management is expecting that demand for products will improve on stabilization of Covid-19, post removal of lock down in Quarter 3 onwards,” Bansal added.

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