The shares of this small-cap stock fell to an intraday low of 4 percent to Rs 138.65 per share after the company promoter sold a stake via the bulk deal.
Hi-Tech Pipes is a small-cap stock, with a market capitalization of Rs 1,956 crore. At 12:50 p.m, the company shares were trading at Rs 142.30 apiece, down 3.33 percent from the previous close price.
As per NSE deals, The company promoter Ajay Kumar & Sons sold 24 lakh equity shares, or equivalent to a 1.75 percent stake in the company at an average price of Rs 148.5 per share. However, Bandhan Core Equity Fund picked 14 lakh equity shares in the company at the same price.
Hi-Tech Pipes business of manufacturing of ERW Steel Round & Section Pipes, cold Rolled Strips & Engineering Products, and distribution of the same across india.
The company’s total Revenue increased by 11% Y-O-Y to Rs.630.09 Cr. in Q3 FY24 vs. Rs.569.29 Cr. in Q3FY23. Overall Revenue from Operation for 9MFY24 is also up by 20% to Rs.2018 Cr. as Compared to Rs.1683.98 Cr. in 9MFY23.
The recent growth of the company’s revenue is mainly led by higher sales volume, better sales realization, and an increase in the share of value-added products.
While PAT increased by 10.10% Y-O-Y to Rs. 14.33 Cr. in Q3FY24 as compared to Rs. 13.02 Cr. in Q3FY23 and 50% in 9MFY24 to Rs.32.83 Cr. as compared to Rs. 21.88 Cr. in 9MFY23.
The company’s New State-of-the-art ERW Pipes Plant at Sananad is expected to be operational by Q4FY24. This plant will significantly increase the Overall Production Capacity mainly to cater to West India and the Export Markets.
Hi-Tech Pipes shares have gained 70% in the last six months and 58 percent in a year. The marquee clientele includes Tata Group, Reliance, NCC Ltd, NTPC, Airtel, and many more.
Hi-Tech Pipes is one of India’s leading manufacturers of Steel Pipes with a presence in more than 5,000 retail stores.
Hi-Tech Pipes is a dominant player in the Indian piping industry and a leading manufacturer and supplier of ERW (Electric Resistance Welding) pipes.
The company specializes in steel tubes and pipes for a variety of industries, such as infrastructure, telecommunications, defence, railroads, airports, real estate, and automobiles.
Written by Omkar Chitnis
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