Hi-Tech Pipes results: Shares rally 7 pc after net profit grows 42 pc in Q4 led by higher revenues; dividend announced

Hi-Tech Pipes Q4 results: The company had in March this year split its equity shares of face value Rs 10 to Re 1 each.
Hi-Tech Pipes Q4 results: Net profit grows 42 per cent led by higher revenues; dividend announced

Hi-Tech Pipes Q4 results: Net profit grows 42 per cent led by higher revenues; dividend announced

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Hi-Tech Pipes Q4 results: Hi-Tech Pipes Share Price: Leading pipe manufacturer and supplier Hi-Tech Pipes shares on Monday rallied over 7 per cent post announcement of quarterly earnings. The scrip gained 7.54 per cent intraday to quote at Rs 82 apiece on the NSE and Rs 83.50 on BSE. At the time of writing, the counter quoted at Rs 79.50 apiece on the NSE, up by 4.26 per cent.
Notably, the stock has been gaining for the last four days and has risen 9.82 per cent in the period, according to exchange data.
The leading pipe manufacturer and supplier Hi-Tech Pipes also announced to pay a dividend to its shareholders for the financial year 2022-23. The company made the announcement while releasing its quarterly results (Q4FY23).
The company has posted a 42 per cent rise in its consolidated net profit to about Rs 16 crore in March 2023 quarter, backed by higher revenues. It had clocked a consolidated net profit of Rs 11.22 crore in the January-March quarter of 2021-22, the company said in a statement.
Its revenue from operations during the quarter jumped 18 per cent to Rs 701.85 crore from Rs 594.77 crore in the year-ago quarter.
“During this quarter, we have registered the highest-ever sales volume, revenue, PAT and EBIDTA. Net working capital days of the company have reduced substantially to 48 days," CMD Ajay Kumar Bansal said in a statement.
The company’s greenfield facility of large diameter pipes at Makhiyav, Sanand in Gujarat is expected to start commercial production from the third quarter or Q3 of FY24, he added.
The company's board recommended a dividend of 2.5 per cent per equity share for the financial year ending March 31, 2023. The face value of each share of the company is Re 1. The 2.5 per cent dividend translates to Rs 0.25 paisa per share.
"Recommend a Dividend of 0.025 Paisa per share (2.5%) on Equity Shares of Re.1 each for the Financial Year ended March 31, 2023 for the shareholders’ Approval," the company said in a filing.
The company had in March this year split its equity shares of face value Rs 10 to Re 1 each.
Hi-Tech Pipes operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka. Besides steel pipes, it also manufactures hollow sections, tubes and road crash barriers among others.
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