Hi-Tech Pipes shares surged 10 per cent during the early trading session yesterday after the company reported a strong performance in the period ending on March 31, 2023. The company also announced a dividend for the year 2022 - 23.
Hi-Tech Pipes reported a 63 per cent jump in the stand-alone net profit on a year-on-year basis, compared to a net profit of 8.38 crore in the same quarter last year. On a sequential QoQ basis, net profit rose about 50 per cent from Rs 9.14 crore in the December 2022 quarter.
In the three months ended March 31, 2023, its revenue from operations rose 26 per cent to 552.9 crore, against an operational revenue of 443.9 crore in the same period in the previous fiscal year. The company's EBITDA for the period was up more than 55 percent to Rs 17.38 crore.
Following the announcement of results, Hi-Tech Pipes shares rose 10 per cent to Rs 83.50 from Rs 83.50 in the first quarter as the company commanded a total market capitalization of Rs 1025 crore. The scrip had settled at Rs 76.21 on Friday, rising more than a percent.
Hi Tech Pipes' net profit for the entire year ended on March 31, 2023, was marginally down at Rs 29.04 crore with revenue from operations improving 23 per cent to Rs 1,860. 55 billion are expected to be made available by the end of the year.
Hi-Tech Pipes shares have surged more than 140 percent from their 52-week low of 32.30 on June 23, 2022. The scrip is flat for the last month, while it has decreased more than 10 percent in the year 2023 so far. It has rallied more than 1,000 percent from its Covid - 19 lows about three years ago.
The board of Hi-Tech Pipers recommended a final dividend of 0.025 per equity with a face value of Rs. 1 each, subject to approval from the shareholders of the company.
Hi-Tech Pipes, a manufacturing company based in Uttar Pradesh, owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat, and Hindupur in Karnataka. The ERW pipes are among the leading suppliers and manufacturers of ERW pipes, which are widely utilized in agriculture, industry and construction activities like scaffolding and casing in bore wells.