Shares Of Metal Stock Hi-Tech Pipes Surged 6% After Reporting Highest Ever Sales Volume In Q1FY25

Shares of Hi-Tech Pipes surged by 6.68 per cent, reaching an intraday high of Rs 158.90 per share on Thursday. This rise followed the company's release of its sales volume update for the June quarter of the fiscal year 2025 (Q1FY25). Hi-Tech Pipes Ltd announced that it had achieved the highest sales volume in its history for Q1FY25.

The company reported a 45 per cent increase in sales volume, reaching 1,22,155 MT, compared to 84,489 MT in the same period last year. This also represents a 13 per cent increase compared to the 1,07,721 MT recorded in Q4FY24.

Ajay Kumar Bansal, Chairman and Managing Director, Hi-Tech Pipes said, "We are thrilled to reach this major milestone, which demonstrates our team's dedication and hard work. Our focus on quality, customer-centric approach, and continuous improvement has enabled us to achieve this record-breaking sales volume. We are confident that this momentum will continue, driving our growth and success in the industry. Further, we are extremely pleased with the contribution of our new manufacturing facility Sanand Unit II Phase 1, Gujarat, to our sales volume. The facility was operational at the end of Q4FY24 and has already started to make an impact on our production capacity and efficiency. This new facility is a game-changer for us, and will further cement our leadership position in Western market.

The market capitalisation of the company is Rs 2,298.50 crore. The 52-week high of the stock is Rs 170.25 per share while its 52-week low is Rs 74 apiece.

Recently, the company has been recognized as the highest taxpayer in Bulandshahar, Uttar Pradesh. The Department of Commercial Taxes, Uttar Pradesh, awarded it the Bhama Shah Award for the fiscal year 2023-2024 in the Bulandshahr District. This prestigious award acknowledges Hi-Tech Pipes' significant contribution to the nation's economy through its timely and transparent tax payments. The company's dedication to compliance and ethical business practices has earned it this distinguished recognition.

Earlier, the company announced through an exchange filing that the Securities Allotment Committee has approved the allocation of 1,77,55,000 equity shares to both the promoter group and the non-promoter group. This follows the conversion of fully convertible equity warrants after the allottees exercised their options. As a result, effective from July 9, the company's issued, subscribed, and paid-up equity share capital has increased to Rs 17,61,11,000, comprising 17,61,11,000 equity shares of Re 1 each.

Hi-Tech Pipes is a leading company in India's steel processing sector, with nearly four decades of experience in delivering innovative solutions. The company offers a diverse range of products, including steel pipes, hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures, GP/GC Sheets, color-coated coils, and various galvanized products. Hi-Tech Pipes operates six state-of-the-art integrated manufacturing facilities located in Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP - near Bangalore), and Khopoli (Maharashtra). These facilities have a combined installed capacity of 750,000 metric tonnes per annum, with plans to increase to 1 million tonnes by FY25.