Iron & steel products company Venus Pipes & Tubes announced Q1FY24 results:
- Highest-ever revenue of Rs 179.6 crore, a growth of 58.1% on a YoY basis
- Highest-ever EBITDA of Rs 27.6 crore, a growth of 91.7% on a YoY basis
- Highest-ever PAT of Rs 17.4 crore, a growth of 91.2% on a YoY basis
- Total capex will be in the range of Rs 40-45 crore which will be funded from internal accruals
Commenting on the company’s financial performance, Arun Kothari, Managing Director, Venus Pipes & Tubes, said, “We are happy to report robust financial performance with Revenues growing at 58% YoY and EBITDA growing at 92% YoY, whilst EBIDTA margins increasing by ~269 bps YoY.
We started FY24 by commencing operations at our new facilities and now have tripled our capacity along with backward integration of manufacturing of mother hollow pipes. This has not only enhanced our competitiveness but also enabled us to enter new markets and customer segments.
The industry is witnessing a notable shift towards organized players due to the compulsory BIS certification and the implementation of Anti-Dumping Duty (ADD). This provides us with a great opportunity to seize the industry's structural changes. Moreover, the Indian capex cycle is underway, driven by government support and favorable policies, resulting in substantial investments across industries and increased demand for our products.
With a wide range of product SKUs and enhanced capacities, robust domestic demand, and increased opportunities in the export markets, we are optimistic about sustaining the growth momentum going forward.
We are well-positioned to capture new markets, forge stronger partnerships, and continue to raise the bar in terms of product excellence and customer satisfaction. At Venus, the company strives to increase its market share by adding to the product portfolio, expanding the client base and serving the existing clients better.”