Profit before tax in the second quarter of FY24 stood at Rs 24.31 crore, up 73.14% from Rs 14.04 crore recorded in the corresponding quarter previous year.

During the quarter, total expenses declined 6.84% YoY to Rs 682.55 crore. Cost of material consumed was Rs 655.65 (up 12.02% YoY) while finance costs stood at Rs 13.56 crore (up 30.51% YoY) and employee benefit expenses was at Rs 8.25 crore (down 10.44% YoY) during the period under review.

On half year basis the company’s consolidated net profit soared 95.67% to Rs 36.16 crore in H1 FY25 as against Rs 18.48 crore posted in H1 FY24. However the company’s revenue from operation rose 13.30% YoY to Rs 1,572.88 crore in H1 FY25.

Meanwhile, the company's board has approved the 100% acquisition of Hi-tech Global Steels to further expand its business operations. The acquisition is expected to be completed within the next 90 days.

Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.

The scrip fell 4.28% to Rs 182.45 on the BSE.