600 per cent returns: This multibagger small-cap company reports a 78 per cent jump in net profit and receives government tenders!

The stock gave multibagger returns of 600 per cent in 3 years whereas NSE Nifty-50 Index is up by 71 per cent.

Hi-Tech Pipes Limited (NSE: HITECH, BSE: 543411), one of the leading steel processing companies in India, announced its Quarterly Results ended June 30, 2023. Details below:

Quarterly Results (Q1FY23)

• Revenue from operations is up by 24.41 per cent to Rs 642.17 crore compared to Q1FY23.
• EBITDA has grown by 18.90 per cent to Rs 21.20 crore compared to Q1FY23.
• PAT increased by 78 per cent to Rs 10.79 crore from Rs 6.03 crore in Q1FY23.
• The EPS increased by 64.81 per cent to Rs 0.61 in Q1FY24 compared to Q1FY23.

The Sales of the coated products of the company like GP coils, GC sheets, colour-coated coils, and colour profile sheets are picking up well. The company has successfully received government tenders to supply Galvanised Pipes for multiple projects under the Jal Jeevan Mission. The company is enhancing its brand visibility by prioritizing and focusing on Digital Marketing strategies. Furthermore, the company has reduced its debt.

In the financial year 2022-2023, the company conducted a stock split, reducing the share value from Rs 10 to Rs 1, with a record date set on March 17, 2023. The net sales increased by 27 per cent to Rs 2,385.85 crore, EBITDA increased by 3 per cent to Rs 103.21 crore and PAT decreased by 6 per cent to Rs 37.79 crore in FY23 over FY22.

On Friday, shares of Hi-Tech Pipes Ltd plunged 3.61 per cent to Rs 76.20 per share with an intraday high of Rs 79.45 and an intraday low of Rs 73.85. The shares of the company saw a spurt in volume by more than 2 times on BSE.

The stock gave multibagger returns of 600 per cent in 3 years whereas NSE Nifty-50 Index is up by 71 per cent. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.