Hi-Tech Pipes added 1.39% to Rs 185.50 after the company announced that it has bagged orders for supplying ERW Steel Pipes, totaling of Rs 105 crore from key customers in the renewable energy sector.
These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry, the company stated.
The orders will be executed from Hi-Tech Pipes new manufacturing facility located in Sanand Unit II Phase I, over the next three months. This new facility is poised to deliver high-quality steel pipes that meet the standards of the renewable energy sector.
Ajay Kumar Bansal, chairman, Hi-Tech Pipes, said: We are thrilled to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector.
Our Sanand unit represents a major investment in both our capabilities and our commitment to sustainability. These contracts not only demonstrate the confidence our clients place in us but also highlight our role in advancing renewable energy infrastructure.
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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 company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24.
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