Hi-tech Pipes logs 22% y-o-y growth in Q2FY25 sales volume

3 Oct 2024 , 02:46 PM

Hi-Tech Pipes Ltd, a steel tubes and pipes producer, reported on Thursday, October 3, its highest-ever second-quarter sales volume of 123,027 metric tonnes (MT), representing a 22.5% year-on-year (YoY) increase.

Sales for the first half of FY25 (April-September) were 245,182 MT, representing a 32.55% YoY growth, Hi-Tech Pipes reported in a stock exchange filing.

The company’s expansion was fuelled by increased demand in important industries such as infrastructure, water transportation, and solar energy.

Despite obstacles during the monsoon season, Hi-Tech Pipes benefited from increased government infrastructure spending and business investments in renewable energy initiatives.

Looking ahead, Bansal forecasts continuing growth, particularly over the next festive season. He predicts that demand would rise in tandem with ongoing infrastructure and renewable energy developments. 

Hi-Tech Pipes said that it is determined to maintain its competitive advantage via quality, sustainability, and innovation.

In August, Hi-Tech Pipes’ board of directors approved a proposal to fund up to 600 Crore through the issuing of securities.

At around 2.23 PM, Hi-tech Pipes was trading 1.87% lower at ₹188.72, against the previous close of ₹192.32 on NSE. The counter touched an intraday high and low of ₹198.45, and ₹187.10, respectively.

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