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Iron & Steel Products company Hi-Tech Pipes announced Q4FY23 & FY23 results:
- Consolidated Q4FY23:
- Revenue from operations up by 18% to Rs 701.85 crore
- Sales volumes increased by 26% to 1.07 lakh tonnes
- EBITDA grew by 13% to Rs 33.75 crore
- EBITDA/ton at Rs 3,147 in Q4FY23 vs. Rs 3,511 in Q4FY22; decreased 10% YoY
- PAT increased by 42% to Rs 15.91 crore from Rs 11.22 crore in Q4FY22
- Consolidated FY23:
- Revenue from operations up by 27% to Rs 2385.85 crore
- Sales volumes increased by 28% to 3.54 lakh tonnes
- EBITDA grew by 3% to Rs 103.21 crore
- EBITDA/ton at Rs 2.915 in FY23 vs. Rs 3.634 in FY22; decreased 19.78% YoY
- PAT decreased by 6% to Rs 37.79 crore from Rs 40.33 crore in Q4FY22
- Debt Equity Ratio has improved significantly to 0.66x from 1.42x
- Debt Service Coverage Ratio has improved to 1.33x from 1.56x
- Current Ratio has improved to 1.46x from 1.43x
- Debtor turnover days reduced to 28 days from 33 days
- Inventory turnover days have reduced to 47 days from 50 days
- Net Working Capital Days substantially reduced to 48 days from 68 days
Commenting on the performance, Ajay Kumar Bansal, Chairman, and Managing Director, Hi-Tech Pipes said, “I feel so elated to share that, during this Quarter the Company has registered ever highest Sales Volume, Revenue, PAT, and EBIDTA. Net working Capital days of the company have reduced substantially to 48 days. Our New Product “HitechColorStar” for premium Color Coated Coils has been well appreciated and accepted, we are confident of emerging as a strong brand across the country in this segment.
Our greenfield facility of Large Dia. Pipes at Makhiyav, Sanand Gujarat is about to commission, we are expecting to start Commercial production from Q3FY24 onwards. This facility along with our color coating line will not only help us to increase the volumes but also to improve the margins and strengthen the company's reach into different territories.
Going forward we will continue to look at opportunities to expand in the high demand and profitable geographies of the country as well as increase share of value added products in our portfolio.”
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