The company’s revenue from operations increased 20.78 per cent to Rs 761.02 crore in the reporting quarter from Rs 630.09 crore in the same period a year ago, it said.
Shares of steel pipe maker Hi-Tech Pipes gained over 3 per cent on Tuesday as the company informed exchanges that a trustee of the company has bought 26,000 shares of the company via the open market. According to information available on the BSE, Manoj Kumar Gupta, Trustee, of Hi-Tech Pipes Employees Welfare Trust bought 26,000 shares of the company via the open market.
Earlier, Kumar had picked up another 20,000 shares of the company through the secondary market. So the total number of shares acquired by him now stands at 46,000.
Kumar’s stake in the company has increased from 0.08 per cent to 0.10 per cent this month, representing 1,97,500 shares of the company.
Hi-Tech Pipes Share Price
The share of the company opened marginally higher at Rs 111.80 on the BSE against the previous close of Rs 110.50. It gained further to touch the high of Rs 114 – a gain of Rs 3.16 per cent from the previous close. The 52-week high and low range of the stock is Rs 210.75 and Rs 97.10 respectively. The market cap of the company is Rs 2,280.90 respectively.
Hi-Tech Pipes Quarterly Results
Earlier, reported a 34 per cent rise in consolidated profit after tax to Rs 19.15 crore in the December quarter, on account of increased revenue.
It posted a profit after tax (PAT) of Rs 14.33 crore in the year-ago period, the company said in a statement.
The company’s revenue from operations increased 20.78 per cent to Rs 761.02 crore in the reporting quarter from Rs 630.09 crore in the same period a year ago, it said.
Its EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at Rs 40.23 crore during the quarter compared to Rs 31.57 crore a year earlier, a rise of 27.42 per cent.
Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.
The company is also scaling up its captive renewable energy capacity to 13.5 MW by December-end.
Earlier, the company raised over Rs 500 crore through Qualified Institutional Placement (QIP) route.
The QIP opened on October 7 post market hours, and closed on October 11, the company said in an exchange filing.
(With PTI inputs)
