Venus Pipes logs 40.10% y-o-y growth in Revenue for Q1FY23; stock slips ~2%

10 Aug 2022 , 09:18 AM

Venus Pipes & Tubes Ltd., a leading manufacturer of stainless pipes and tubes has announced its financial results for the first quarter ended June 30, 2022.

Company’s revenue from operations stood at Rs113.60 crore in Q1FY23, up by 40.10% yoy as compared to Rs81.10 crore in the previous corresponding quarter.

It reported an EBITDA of Rs14.50 crore in the quarter ended June 30, 2022, as against Rs9.30 crore in the previous corresponding quarter.

Venus Pipes reported a 33.80% y-o-y growth in its PAT at Rs9.10 crore for Q1FY23, as compared to Rs6.80 crore in Q1FY22.

However, on a sequential basis, it reported marginal growth numbers. Company’s revenue grew by 3.1% against Rs110.20 crore in Q4FY22. EBITDA recorded growth of 5.8% yoy vs Rs13.70 crore in Q4FY22. While PAT grew by 12.30% yoy against Rs8.10 crore in the previous quarter.

Company stated that Sales from the export market stood at 12.4% in Q1FY23 as compared to 5.9% in Q1FY22.

On a segmental basis, Revenue for seamless pipes stood at Rs44.8 crore in Q1FY23 as compared to Rs17.5 crore in Q1FY22. While Revenue for welded pipes stood at Rs60.3 crore in Q1FY23 as against Rs46.6 crore in Q1FY22.

At around 9.29 AM, Venus Pipes & Tubes was trading 2.04% lower at Rs392 against its previous close of Rs400.15 on NSE.