Venus Pipes -; Tubes reports revenue of Rs126.4 crore, PAT of Rs10.3 crore in Q2FY23

11 Nov 2022 , 09:16 AM

Venus Pipes & Tubes Ltd, a leading manufacturer of stainless pipes and tubes has announced its financial results for the second quarter and half year ended on September 30, 2022.

Key Quarterly Highlights:

• Total Revenue stood at Rs240 crore in H1FY23 as compared to Rs170.5 crore in H1FY22.
• Revenue for Q2FY23 stood at Rs126 crore as compared to Rs89.5 crore in Q2FY22, a growth of 41%.
• EBIDTA for Q2FY23 stood at Rs15.5 crore, an increase of 16% on yoy basis. The same for H1 grew by 32%.
• PAT for the quarter was up by 17% yoy and grew 26% on half-yearly basis.

Commenting on the company’s financial performance, Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd, said, “Despite challenging external environment, we are proud to report robust growth in this quarter. Our revenues for Q2FY23 have grown by 41% on yoy basis.

Not only our product categories have shown robust growth w.r.t sales & volumes, but we have also taken significant step towards achieving our aim of diversifying geographically and across our sales channel. Our sales to direct domestic consumers have increased by 136% on a yoy basis and now contributes ~62% of total revenues for H1FY23.

Exports sales were impacted during the quarter on account of geo-political tensions and inflationary environment, especially in the European market. We believe that this is temporary in nature and exports sales should start picking up post FY23.

Even after such volatile environment we are progressing with high spirits towards our goal of reaching out to as many sectors as we can and maintaining diversity across our products, clients and geographies.

With revival of capex cycle in India leading to robust demand for our products across End User Industries, the planned capacity expansion will give us an edge and will help to capture more market share.”

On Friday early morning trade, Venus Pipes was trading at Rs754.20 per share higher by 0.48% on the BSE.

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