Venus Pipes and Tubes Reports Strong Q1 Earnings, Shares Reach 52-Week High

4 Aug 2023 , 01:41 PM

Venus Pipes and Tubes shares reached a 52-week high after reporting robust earnings for the April-June quarter. The company’s quarterly net profit witnessed an impressive 91.2 % YoY increase, reaching Rs 17.4 crore.

In Q1FY24 results, the company reported a significant 58.1 % YoY rise in revenue from operations, amounting to Rs 179.6 crore. Earnings-before-interest-taxes-depreciation and amortization (EBITDA) margins improved by 40 basis points to 15.8 % in the quarter under review.

The company witnessed a remarkable 149 % YoY rise in revenues from seamless pipes at Rs 111.6 crore, while revenues from welded pipes increased by a % at Rs 60.8 crore.

Venus Pipes aims to expand its production capacity for finished goods by 180 % to 33,600 million tonnes in FY24.

Venus Pipes is involved in manufacturing and selling stainless steel pipes and tubes, with its manufacturing facility located in Dhaneti, Kutch, Gujarat.

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