India’s stainless steel tube manufacturer and tubular structural solution provider, Venus Pipes & Tubes Limited, has reported a net profit of INR 174.06 million ($2.10 million) in the first quarter (April-June) of the fiscal year 2023-24, up 91 percent year on year, according to a company regulatory filing on Friday, August 4.
The company reported a total sales income of INR 1801.67 million ($21.81 million) during the quarter, registering a growth of 57.79 percent year on year.
The company also announced the commencement of production of longitudinal submerged arc welding (LSAW) pipes, with an expected output of 600 mt per month.