Hi-Tech Pipes jumped 4.22% to Rs 854.15 after the company recorded a sales volume of 91,232 thousand tonnes in the third quarter of FY23, compared with 65,088 thousand tonnes in the third quarter of FY22, a growth of 40% YoY.

• PM Modi to Inaugurate Noida Airport on 28th March
• Fullife Raises Rs 300 Cr, IPO Plans a Few Years Away
• NBD Bank Gets Nod from Central Bank to Acquire Stake in RBL Bank
• LIC Gets Slammed with Rs 6,146 Crore Tax Demand
• L&T Tech Planning to Sell its Unit to AMI Paradigm Solutions

In the second quarter of FY22, the sales volume was higher by 7% compared to the 85,500 recorded in the second quarter of FY23.

The company further said it had started commercial production of a colour coating line at Sikandrabad, Uttar Pradesh, with an installed capacity of 50,000 MTPA. This value-added product of the company has applications in airports, railways, industrial sheds, warehouses, doors and residential roofing, metros, window frames and hilly areas.

The company manufactures steel tubes, pipes, and flat steel products. Mr Ajay Bansal and Mr Anish Bansal manage all operation Manufacturing capacities in Sanand (Gujarat) and Sikandrabad (Uttar Pradesh).

On a consolidated basis, the company’s net profit declined 56.82% to Rs 4.34 crore despite a 29.89% increase in sales to Rs 598.53 crore in Q2FY23 over Q2FY22.