Hi-Tech Pipes reports strong sales volume, stock shines

Hi-Tech Pipes reported highest ever sales volume for the quarter ended on March 2019. The company’s Q4FY19 volume surged nearly 45 per cent to 80,055 metric ton from 55,282 metric ton in the corresponding quarter of the previous year. In terms of FY2018-19, the company recorded 19 per cent growth in volume to 2,69,116 metric ton from 2,26,044 metric ton YoY.

The company said in its exchange filing that during Q4FY19 quarter, the volume of galvanized tubes & pre-galvanized tubes increased significantly. Further, the company believes that stabilised steel prices and infrastructure development in the country bodes well for the industry.

In the third quarter of FY19, the company had reported revenue growth of around 14.3 per cent to Rs. 319 crore from the corresponding quarter of the previous year. Also, its net profit for the quarter grew around 15.5 per cent to Rs. 6.05 crore from Q3FY18.

Hi-Tech Pipes is a steel products company with presence in steel pipes, hollow section tubes, cold rolled coils & strips, road crash barriers and variety of other galvanized products.

The stock of Hi-Tech Pipes in Tuesday’s trading session jumped nearly 10 per cent to touch intraday high of Rs. 242 apiece. The stock settled for the day at Rs. 239.90 apiece, up by around 9.4 per cent from its previous close.