with market value 1,074 crore, Hi-Tech Pipes Limited is a small-scale company with operations in the metallurgical industry. With its headquarters in New Delhi, India, Hi-Tech Pipes is one of the country’s top suppliers and manufacturers of ERW Pipes. It produces a wide variety of steel tubes and pipes. The corporation announced a 10:1 stock split announcing its Q3 results. The Corporation establishes a record date for the purpose of an announced corporate action to determine the eligibility of shareholders.
On Friday, the company said in a stock exchange filing that “This is to inform you that the members of the company through postal ballot have approved the sub-division of equity shares of the company by one (1) equity share of face value of Rs. 10/- each for ten (10) Equity Shares of face value of Rs.1 each. Therefore, in accordance with Regulation 42 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has -Fixed Friday, i.e. March 17, 2023, as the record date for ascertaining the names of the shareholders eligible for the division (split) of each equity share of the company having face value of Rs.10/- each sub-divided 10 (Ten) Equity Shares having a face value of Re.1 each.”
In the third quarter of FY23 or Q3FY23, the firm registered revenue from operations of Rs. 569.29 crore, up 29% YoY from Rs. 440.02 crore in Q3 FY22. The company recorded its highest ever net sales volume in Q3FY23, which grew by 40% to 91,232 tonnes from 65,088 tonnes in Q3FY22.
During Q3FY23, Hi Tech Pipes registered its highest ever net profit as PAT grew by 28% YoY to Rs. 13.02 cr to Rs. 10.17 crore in Q3FY22, EBITDA up 14% to Rs. 28.58 crores from Rs. 25.09 crore was recorded in the corresponding quarter of FY22.
Hi Tech Pipes commenced commercial production of color coating line at Secunderabad, Uttar Pradesh during the quarter ending December 2022 or Q3FY23. As per the statement made by the management, this will help the company to markedly reduce the cost element in the manufacturing process.
Hi-Tech Pipes shares closed on NSE on Friday 849.00 each level, up 0.81% from previous close 842.15. The stock has climbed 65.19% over the past year, but it has declined 0.64% YTD in 2023. The stock has appreciated by 44.33% in last six months, while declined by 4.41% in the last month. The stock touched a 52-week high at 989.65 (23-Jan-2023) and 52-week low 393.20 on (20-Jun-2022), indicating that at the current market price, the stock is trading 14.21% down from 1-year high and 115.92% up from 1-year low. During Q3FY23, the company recorded promoter holding at 59.32%, FII holding at 0.57% and public holding at 40.12%.
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