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Venus Pipes and Tubes Ltd.’s shares were up by 9.37 per cent after the company reported a 96 per cent increase in profit at Rs 20.2 crore for the quarter ended September 30, 2023, compared to Rs 10.3 crore in the corresponding quarter last year.
Revenues were up by 51 per cent at Rs 191.3 crore, compared to Rs 126.4 crore last year. Sequentially, profits were 16 per cent higher, compared to Rs 17.4 crore in the previous quarter.
Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd, said, “During the quarter, we witnessed solid growth in exports, forming 15% of our revenues, largely due to backward integration of seamless pipes, resulting in increased acceptance for our products, primarily in European markets. Additionally, the imposition of ADD on seamless pipes and mother hollow pipes has benefited us . Venus is among few players with backward integration in stainless steel seamless pipes. Welded pipes also witnessed strong volume growth with increased demand.”
The shares were up by 8.69 per cent at Rs 1,396 at 12.55 pm on the BSE.
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