Indian manufacturer of steel electric resistance welded (ERW) pipes Hi-Tech Pipes Limited (HIPL) has reported a consolidated net profit of INR 105.30 million ($1.26 million) in the second quarter (July-September) of the fiscal year 2023-24, up 143 percent over the corresponding quarter of the previous fiscal, according to a regulatory filing of the company on Monday, October 30.
The company reported a total income of INR 7.46 billion ($89.64 million) during the quarter, up 25 percent year on year.
The company said that, in volume terms, its sales of ERW pipes were up 17.45 percent during the quarter to 100,000 mt.