Hi-Tech Pipes Limited, a leading player in the steel pipes and tubes industry, has reported a remarkable financial performance for the first quarter. The company's unaudited financial results for the quarter ended June 30 showcase significant growth across key financial metrics.

Strong Revenue Growth

Hi-Tech Pipes reported a total income from operations of Rs 791.36 crore for Q1, marking a 7.9% increase from Rs 733.74 crore in the corresponding quarter of the previous year. This growth in revenue indicates robust demand for the company's products and effective market strategies.

Impressive Profit Surge

The company's profitability witnessed a substantial improvement:

• Net profit after tax surged by an impressive 316% to Rs 72.86 crore, compared to Rs 17.49 crore in the same quarter last year.
• Net profit before tax increased by 250% to Rs 97.99 crore from Rs 27.97 crore year-on-year.

This significant jump in profitability suggests improved operational efficiency and effective cost management by the company.

Enhanced Shareholder Value

The earnings per share (EPS) for the quarter stood at Rs 3.98, showing a substantial increase from Rs 1.04 in the same quarter last year. This 282.7% growth in EPS reflects the company's ability to generate higher returns for its shareholders.

Financial Performance at a Glance

Transparency and Compliance

In line with regulatory requirements, Hi-Tech Pipes Limited has published these unaudited financial results in the Business Standard newspaper, in both English and Hindi editions, on August 9. This demonstrates the company's commitment to transparency and adherence to corporate governance standards.

The company's strong performance in Q1 positions it well for the remainder of the fiscal year. Investors and stakeholders will be keenly watching Hi-Tech Pipes' future quarters to see if this growth trajectory can be maintained amidst evolving market conditions.

Hi-Tech Pipes Limited, a leading manufacturer of steel pipes and CR products, has reported a deviation in the utilization of funds raised through Qualified Institutional Placement (QIP) for the quarter ended June 30. The company disclosed this information in a statement filed with the National Stock Exchange of India and BSE Limited.

Deviation Details

According to the statement signed by Company Secretary Arun Kumar, there were variations in how the QIP proceeds were utilized compared to the original allocation plan during the quarter. The company provided a detailed breakdown of the fund utilization in a tabular format:

Financial Performance

In addition to the QIP fund utilization report, Hi-Tech Pipes also released its unaudited financial results for the same quarter. The company reported:

• Consolidated net revenue from operations of ₹791.36 crore
• Profit before tax of ₹27.97 crore
• Total comprehensive income of ₹21.03 crore

Standalone Performance

On a standalone basis, Hi-Tech Pipes achieved:

• Net revenue from operations of ₹631.18 crore
• Profit before tax of ₹23.86 crore
• Total comprehensive income of ₹17.96 crore

The company's Board of Directors reviewed and approved these results in a meeting held on August 8. The statutory auditors have issued an unmodified report on the financial statements.

Hi-Tech Pipes Limited continues to operate in a single segment: Manufacturing of Steel Pipes & CR products. The company's financial results, including both consolidated and standalone figures, are available on its website and the stock exchanges' websites for investor reference.

The transparent reporting on fund utilization and financial performance demonstrates Hi-Tech Pipes' commitment to keeping shareholders informed about the company's operations and strategic initiatives.