The Board of Hi-Tech Pipes at its meeting held on 06 November 2024 has approved the 100% acquisition of Hi-tech Global Steels (CIN: U24311DL2024PTC429740) to further expand its business operations. Powered by Capital Market - Live

However, revenue from operations decreased by 5.37% YoY to Rs 70,590 crore in the quarter ended 30 September 2024. Profit before tax in the second quarter of FY24 stood at Rs 24.31 crore, up 73.14% from Rs 14.04 crore recorded in the corresponding quarter previous year. During the quarter, total expenses declined 6.84% YoY to Rs 682.55 crore. Cost of material consumed was Rs 655.65 (up 12.02% YoY) while finance costs stood at Rs 13.56 crore (up 30.51% YoY) and employee benefit expenses was at Rs 8.25 crore (down 10.44% YoY) during the period under review. On half year basis the company's consolidated net profit soared 95.67% to Rs 36.16 crore in H1 FY25 as against Rs 18.48 crore posted in H1 FY24. However the company's revenue from operation rose 13.30% YoY to Rs 1,572.88 crore in H1 FY25. Meanwhile, the company's board has approved the 100% acquisition of Hi-tech Global Steels to further expand its business operations. The acquisition is expected to be completed within the next 90 days. Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The scrip fell 4.28% to Rs 182.45 on the BSE. Powered by Capital Market - Live

Net profit of Hi-Tech Pipes rose 71.98% to Rs 18.11 crore in the quarter ended September 2024 as against Rs 10.53 crore during the previous quarter ended September 2023. Sales declined 5.38% to Rs 705.90 crore in the quarter ended September 2024 as against Rs 746.00 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales705.90746.00 -5 OPM %5.983.59 - PBDT29.5917.09 73 PBT24.3114.04 73 NP18.1110.53 72 Powered by Capital Market - Live

Hi-Tech Pipes will hold a meeting of the Board of Directors of the Company on 6 November 2024Powered by Capital Market - Live

Hi-Tech Pipes announced the commencement of 5 MW of captive green power utilization, sourced from its rooftop solar installation and open access agreements. This strategic move enhances the company's commitment to sustainability and reinforces its leadership in environmentally responsible manufacturing. The initiative prominently features 3 MW sourced through Group Captive open access Solar Project, complemented by a newly established 1 MW rooftop solar plant at its Sanand Unit II Phase 1, enabling the company to harness renewable energy directly on-site. With this latest development, Hi-Tech Pipes' total solar power consumption has reached 13.5 MW, positioning the company to achieve significant reductions in energy costs while making notable strides toward its Environmental, Social, and Governance (ESG) objectives. The Government of India has taken the mission for zero carbon emissions by 2070, with a target of reducing emissions by 30% to 35% by 2030. To achieve this mission, the government is promoting the generation of green power through solar and wind energy, along with other environmentally friendly measures. Hi-Tech Pipes is proud to align its initiatives with this national vision.Powered by Capital Market - Live

Hi-Tech Pipes announced the successful closure of Rs 500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on 07 October 2024 (post market hours) and closed on 11 October  2024, received bids of over Rs 800 crore. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company's growth prospects. The QIP attracted a diverse pool of top-tier institutional investors including mutual funds, and renowned foreign institutions and treasuries, reaffirming the market's belief in Hi-Tech's ability to navigate industry challenges and capitalise on the growing demand in the ERW (Electric Resistance Welding) steel tubes and pipes segment. The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP. The Company issued 26,996,734 fresh equity shares @ ₹ 185.50 per equity share under QIP, representing a discount of 4.86% to the floor price and 7.39% discount to the last traded price on NSE on October 7, 2024. Powered by Capital Market - Live

The floor price of Rs 194.98 is at a discount of 1.5% to the previous day's closing price of Rs 197.95 on the BSE. The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue. Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24. Shares of Hi-Tech Pipes rose 0.48% to Rs 198.90 on the BSE.Powered by Capital Market - Live

Hi-Tech Pipes announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2024.Powered by Capital Market - Live

Hi-Tech Pipes has received the credit rating of IND A; Stable/ IND A1 for bank facilities availed by the company. Powered by Capital Market - Live

'These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry,' the company stated. The orders will be executed from Hi-Tech Pipes' new manufacturing facility located in Sanand Unit II Phase I, over the next three months. This new facility is poised to deliver high-quality steel pipes that meet the standards of the renewable energy sector. Ajay Kumar Bansal, chairman, Hi-Tech Pipes, said: 'We are thrilled to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector. Our Sanand unit represents a major investment in both our capabilities and our commitment to sustainability. These contracts not only demonstrate the confidence our clients place in us but also highlight our role in advancing renewable energy infrastructure.' Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24. Powered by Capital Market - Live