Metal stock close to record high after two-fold net profit growth in Q2FY24
Stock market today: Shares of Hi-Tech Pipes have been in uptrend since early morning session. The metal stock today opened higher and went on to hit intraday high of ₹104 apiece levels on NSE, which is just one per cent away from its existing record high of ₹105.20 per share levels. Metal stock witnessed buying interest among Indian stock market bulls after declaration of Q2 results 2023 on weekend.
On Saturday last week, the steel processing company declared its Q2FY24 results and H-1FY24 numbers. During July to September 2023 quarter, The metal processing company reported a net profit of ₹10.52 crore that stood at ₹4.34 crore in the previous quarter. This means, the metal stock has registered two-fold growth in net profit against the previous quarter.
On year-on-year (YoY) basis, the metal stock's net prodit has risen over 31 per cent as its net profit surged from Q2FY23 net profit of ₹8.02 crore to ₹10.52 crore in recently ended September 2023 quarter. Company's total income in second quarter of the current financial year stood at ₹746.73 crore, logging QoQ growth of 24.58 per cent against the total income of ₹599.40 crore in April to June 2023 quarter. On YoY basis, company total income grew by around 16.25 per cent.
Company's total income stood at ₹642.44 crore in the corresponding period of previous financial year. Midcap and smallcap stocks outperform largecap stocks during festive season; here’s why Company's YoY revenue from operations has grown by 25 per cent to ₹746.00 crore as compared to ₹598.52 Crore in Q2FY23. Growth in rvenue from operation is led by higher sales volume, improved sales realisation & higher sale of value added products.
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