During a period when leading economies have either fallen into a downturn or slowed down, India has stood out as the most promising area. In its latest update, the International Monetary Fund has raised India’s growth prediction to 6.8 percent from 6.5 percent. It has also increased the country’s outlook for fiscal year 2024 to 7.8 percent, surpassing the government’s estimate of 7.6 percent. In a similar vein, after 14 years, S&P Global Ratings has upgraded India’s outlook for its sovereign rating to positive from stable, citing robust growth, enhanced public spending quality over the past five years, and a strong expectation for continued reforms and fiscal policies. The announcement that The Reserve Bank of India’s net income for fiscal year 2024 rose to INR 2.11 lakh crore, up from INR 87,420 crore in the previous year, underscores both the current situation and the future prospects of the economy.
The condition of the Indian economy is almost identical to that of the Indian tube and pipe sector. There’s a growing appetite for oil and gas, a higher requirement for steel pipes globally, an active transport industry, an escalating need for effective water distribution and irrigation systems, continuous and significant expansion of cities, and government’s efforts aimed at cleanliness and handling sewage and wastewater are propelling the Indian tube and pipe industry.
According to BlueWeave Consulting, the Gross Domestic Product (GDP) of the India steel pipes and steel tubes market was calculated at USD 32.88 billion in 2023, and it is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 6.43 percent. This growth is expected to culminate in a total value of USD 37.69 billion by the year 2030. In terms of volume, the market is expected to increase from 6.98 million tons in 2023 to 7.66 million tons by 2030. Meanwhile, the plastic division is anticipated to surpass USD 5 billion in size by 2023, with an average annual growth rate of 14.18 percent over the period from 2025 to 2030, according to TechSci Research.
Also Read: Hyderabad Set to Welcome India’s Biggest Tube & Pipe Fair
As we were going through the company’s yearly reports during this time, we’ve found indications that the market conditions are positive and in line with the predicted growth trends. The sector is poised for expansion, leading to the emergence of new competitors, introduction of innovative products, an increase in companies expanding their range of offerings, and the adoption of new technological advancements. It’s also clear that both local and international markets will drive the industry’s growth, along with the possibility of new regulations being implemented.
APL Apollo Tubes Posts
INR 732.44 Crore Profit
APL Apollo Tubes Limited is India’s largest structural steel tubing company with a strong local presence. With a capacity to produce 3.6 million tonnes per annum and 11 world-class manufacturing units, it is the only company in the ‘world’ to produce steel tubes with sizes varying from 8x8mm to 1000x1000mm and thickness ranging between 0.18 mm to 40mm.
APL Apollo serves as a ‘one-stop shop’ for a wide spectrum of steel products. Three of its state-of-the-art units are located in Sikandrabad, while two are located in Raipur. The company also has a single manufacturing facility in Malur, Bengaluru, Hosur, Dujana, Murbad and Hyderabad. APL Apollo started its new factory in UAE with an annual capacity in excess of 400,000 tonnes.
The Delhi-based company’s net profit declined by 15.55 percent to reach INR 170.44 crore in the quarter ended March 2024 as against INR 201.82 crore during the previous quarter ended March 2023. Sales rose 6.43 percent to INR 4567.68 crore in the quarter ended March 2024 as against INR 4,291.55 crore during the previous quarter ended March 2023.
For the full year, net profit rose 14.11 percent to INR 732.44 crore in the year ended March 2024 as against INR 641.86 crore during the previous year ended March 2023. Its sales rose 11.69 percent to INR 17,506.89 crore in the year ended March 2024 as against INR 15,674.35 crore during the previous year ended March 2023.
Astral Pipes Reports INR 4142 Crore Revenues in FY24
Started operations in 1998, Astral, it claims, is known for introducing CPVC piping for the first time in India. A wide range of products in the pipes category and at the same time diversified successfully into other business categories.
Recently, it posted a decline of 11.7 per cent year-on-year (YoY) in its net profits, amounting to INR 181.6 crore for March quarter, compared to a net profit of INR 206 crore in the same quarter of the previous year. The company’s revenue from operations saw an 8 percent rise to INR 1,625 crore compared to INR 1,506.2 crore in the corresponding period of the preceding fiscal year.
At the operational level, EBITDA declined 5.7 percent to INR 291.4 crore in the fourth quarter of FY24 , down from INR 309 crore in Q4FY23. The EBITDA margin for the reporting quarter stood at 17.9 percent, down from 20.5 per cent in the corresponding period in FY23. On a full year basis, the revenues from operations increased to INR 4142 crore as against INR 3,768 crore in FY23. The company’s PBT grew to INR 600 crore in FY24 versus INR 485 in FY23.
Finolex Industries’ EBITDA
Touches INR 584.85 Crore
A backward-integrated manufacturer of polyvinyl chloride (PVC) pipes and fittings, Finolex Industries Limited (FIL) engages in manufacturing of micro irrigation systems, fittings, accessories and a range of irrigation components.
The PVC pipes and fittings manufacturer reported a 1 percent year-on-year (YoY) decline in net profit at INR 164.9 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, it posted a net profit of INR 166.5 crore. The company’s revenue from operations increased 8.3 percent to INR 1,235.4 crore as against INR 1,141.1 crore in the corresponding period of the preceding fiscal. At the operating level, its EBITDA declined 4 percent to INR 208.9 crore in the fourth quarter of this fiscal over INR 217.5 crore in the corresponding period in the previous fiscal.
The company, however, saw an improvement in its EBITDA for FY24. It stood at INR 584.85 crore, reflecting an increase compared to INR 292.54 crore reported in FY23.
Goodluck India’s Profit Rises
Above 50%
Engineering conglomerate Goodluck India Ltd engages in the business of manufacturing and selling engineering products such as sheets, pipes, engineering structures, fabricated structures, forgings, and automobile tubes. Catering to the automobile, aerospace, oil and gas, T&D, defence, solar and overall infrastructure space, its products include ERW galvanized pipes, black and painted pipes, square and rectangular pipes, CR coils and sheets, CDW tubes, forgings and more.
The company reported fourth quarter profit stands at INR 37.22 crore, up 33.1 percent in comparison to INR 27.96 crore recorded during the corresponding quarter of previous financial year, on the back of robust demand. The company’s EBITDA stood at INR 66.3 crore, up 14.5 percent on-year. For the full year ended March 31, 2024, the company’s net profit increased by around 50.22 per cent at INR 130.54 crore as against INR 86.90 crore in the same period last year. Revenue from operations for the full year period (2023-24), stood at INR 3524.78 crore, up from INR 3072.01 crore in 2022-23, reporting a growth of 14.74 per cent.
“The demand growth has been robust overall and this has helped shore up our volume sales. We have also been witnessing a good demand from the value-added segment, which has contributed to higher margins,” MC Garg, the company’s Chairman, was quoted. The company is betting on good growth coming in the defence and aerospace sectors in India which will bring down the country’s dependence on imports in these sectors.
Hariom Pipes’s Profit
Rises 22.92%
Founded in 1962, Hariom Pipes is a manufacturer of iron and steel products. Over the years, the company has evolved into an integrated steel manufacturer with a stronghold in the South Indian market. During its five decades of existence, the company has catapulted to being a leading steel manufacturer with diversified offerings across basic and value-added product segments of billets, hot rolled (HR) coils (skelp), MS pipes, GI pipes, GP pipes, scaffolding and colour-coated roofing profiles. The company operates manufacturing facilities in Telangana, Andhra Pradesh, and Tamil Nadu.
The company’s net profit declined 2.78 percent to INR 16.77 crore in the quarter ended March 2024 as against INR 17.25 crore during the previous quarter ended March 2023. Sales rose 31.58 percent to INR 330.92 crore in the quarter ended March 2024 as against INR 251.50 crore during the previous quarter ended March 2023. For the full year, net profit rose 22.92 percent to INR 56.80 crore in the year ended March 2024 as against INR 46.21 crore during the previous year ended March 2023. Sales rose 79.15 percent to INR 1153.19 crore in the year ended March 2024 as against INR 643.71 crore during the previous year ended March 2023.
Jindal SAW Net Profit Rises to
INR 1592.90 Crore
Equipped with several state-of-the-art manufacturing plants, Jindal Saw’s business profile comprises manufacturing of iron and steel pipes and pellets, including pipes and tubes.
The product range includes helically submerged arc-welded pipes (HSAW), longitudinally submerged arc welded pipes (LSAW), ductile iron pipes, HDPE pipes, seamless pipes, and tubes made of carbon, alloy and stainless steel. The company also has all varieties of anti-corrosion and protective coating facilities, along with necessary ancillaries like fittings, bends, flanges etc. to make it a total pipe solution provider in the world. Substantial contribution to revenue comes from drinking water supply and sanitation (WSS), which is growing rapidly in India and globally.
The company’s net profit rose 61.5 percent to INR 480.40 crore in the quarter ended March 2024 as against INR 297.60 crore during the previous quarter ended March 2023. Sales rose 4.30 percent to INR 5493.70 crore in the quarter ended March 2024 as against INR 5264.10 crore during the previous quarter ended March 2023.
For the full year, net profit rose 252.60 percent to INR 1592.90 crore in the year ended March 2024 as against INR 451.80 crore during the previous year ended March 2023. Sales rose 17 percent to INR 21125.90 crore in the year ended March 2024 as against INR 18061 crore during the previous year ended March 2023.
JSW Steel Reports Consolidated
Net Profit of INR 8,973 Crore
A subsidiary of JSW Group, Mumbai-headquartered JSW Steel Ltd is a manufacturer and distributor of steel and iron products. Its product portfolio includes hot-rolled coils, sheets and plates, cold-rolled coils, and sheets. The company also offers galvanized and galvalume products, pre-painted galvanized and galvalume products, thermo mechanically treated (TMT) bars, wire rods, and special steel bars. Apart from operating manufacturing plants in India, it also operates coal mines. Through its subsidiaries, it operates in the US, Chile, the Netherlands, Mauritius, the UK, Mozambique, Singapore, and Italy.
The company has reported a 64.5 percent decline in its net profit to INR 1,322 crore for the March quarter, due to lower revenues, and one-time tax costs. The steel major company has reported a consolidated net profit of INR 1,322 crore, down from INR 3,741 crore reported a year ago in the current financial year. The net sales for the company also fell 1.5 percent year-on-year (Y-o-Y) to INR 45,646 crore. Moreover, JSW Steel’s net profit fell 46.2 percent and the net sales rose 10.4 percent.
For the full year, its reported net profit stood at INR 8,973 crore in the year ended March 2024 as against net profit of INR 4139 crore during the previous year ended March 2023. Sales rose to INR 1,72,588 crore in the year ended March 2024 as against INR 1,63,646 crore during the previous year ended March 2023.
JTL Industries Clinches
Net Profit of INR 113.01 Crore
An integrated manufacturer and supplier of steel tubes, pipes and allied products with manufacturing facilities in India, JTL Industries Limited (formerly known as JTL Infra Limited) is the flagship company of the Jagan Group of Companies, with its corporate office located in Chandigarh and four plants located pan-India. It has grown from a manufacturer of ERW black pipes to a producer of value-added products such as galvanized steel pipes, solar module mounting structures, and large diameter steel tubes and pipes. With four state-of-the-art facilities, it has a total manufacturing capacity of 5,86,000 MTPA, serving pan-India and over 20 countries across five continents.
Net profit of JTL Industries declined 19.37 percent to INR 29.55 crore in the quarter ended March 2024 as against INR 36.65 crore during the previous quarter ended March 2023. Sales declined 1.42 percent to INR 465.94 crore in the quarter ended March 2024 as against INR 472.63 crore during the previous quarter ended March 2023. For the full year, net profit rose 25.39 percent to INR 113.01 crore in the year ended March 2024 as against INR 90.13 crore during the previous year ended March 2023. Sales rose 31.63 percent to INR 2040.23 crore in the year ended March 2024 as against INR 1549.92 crore during the previous year ended March 2023.
“This exceeds the sales volume of the previous fiscal year, FY23, which stood at 2,40,316 MTPA, demonstrating a robust growth rate of 42.3 percent. Moreover, JTL experienced a significant uptick in sales of Value-Added Product (VAP), witnessing a notable increase of 34.5 percent, rising from 74,243 MTPA in FY23 to 99,818 MTPA in FY24,” the company said in a statement.
Kamdhenu Limited’s Total Income
Surges to INR 183.79 Crore
Kamdhenu Limited was founded in 1994 with a vision to provide best quality TMT bars in the market at an affordable price. From a single reinforcement steel bars manufacturing plant at Bhiwadi, Rajasthan, the company now has more than 80 manufacturing units operating under its unique franchisee model across the country. The dealership and distributor network associated with Kamdhenu had also witnessed swift growth.
The steel manufacturer announced a significant 56 percent increase in net profit, reaching INR 16.75 crore in the March quarter, compared to INR 10.75 crore in the corresponding period last year, fueled by a surge in income. The company’s total income surged to INR 183.79 crore, up from INR 167.62 crore in the January-March quarter of FY23. For the full year ended March 31, 2024, the company’s net profit increased to INR 50.13 crore as against INR 41.020 crore in the same period last year. Revenue from operations for the full year period (2023-24), stood at INR 738.30 crore, up from INR 733.67 crore in 2022-23.
Maharashtra Seamless’
Profit Surges to INR 974.93
DP Jindal Group’s flagship company Maharashtra Seamless Limited engages in manufacturing steel pipes and tubes. The company operates through three segments: steel pipes and tubes, power electricity, and RIG. It has also diversified into renewable power generation and rig operations.
The company reported a declined in net profit to INR 223.29 crore in the quarter ended March 2024 as against INR 309.98 crore during the previous quarter ended March 2023. Sales declined to INR 1214.79 crore in the quarter ended March 2024 as against INR 1623.13 crore during the previous quarter ended March 2023.
For the full year, net profit rose to INR 974.93 crore in the year ended March 2024 as against INR 792.99 crore during the previous year ended March 2023. Sales declined to INR 5403.12 crore in the year ended March 2024 as against INR 5707.13 crore during the previous year ended March 2023.
In April this year, Maharashtra Seamless announced that it has received an order valuing nearly INR 674 crore from Oil and Natural Gas Corporation Ltd (ONGC). It received the order for the supply of casing seamless pipes in gradual dispatches within a period of 44 weeks.
Man Industries’ Consolidated
Net Profit Crosses INR 100 Crore
Man Industries (India) Limited is engaged in the business of manufacturing, processing, and trading of submerged arc welded pipes and steel products. The company offers longitudinal submerged arc welded line pipes for use in oil, gas, petrochemicals, fertilizers, and dredging, and helically submerged arc welded line pipes for use in oil and gas transportation, water supply, sewerage, agriculture, and construction, as well as for high pressure applications. It also provides various options of coating systems, which include external coating system, internal coating system, internal coating system. Recently, it received an export order worth INR 505 crore.
The company’s reported net profit declined 19.11 percent to INR 24.13 crore in the quarter ended March 2024 as against INR 29.83 crore during the previous quarter ended March 2023. Sales rose 35.64 percent to INR 810.68 crore in the quarter ended March 2024 as against INR 597.66 crore during the previous quarter ended March 2023. For the full year, net profit rose 56.83 percent to INR 105.14 crore in the year ended March 2024 as against INR 67.04 crore during the previous year ended March 2023. Sales rose 40.82 percent to INR 3142.18 crore in the year ended March 2024 as against INR 2231.34 crore during the previous year ended March 2023.
Oil Country Tubular
Sales Rise to INR 18.24 Crore
Located near Hyderabad city, Oil Country Tubular Limited (OCTL) is a processor of a wide range of oil country tubular goods and drilling products required for the oil drilling and exploration industry. Innovation and technical excellence are the driving spirit behind the company and the overriding focus at OCTL is on the quality of its products and services.
OCTL’s wide product range covers drill pipe, heavy-weight drill pipe, drill collars, kellys, production tubing, casing, tool joints, couplings, pup joints, nipples, subs, and crossovers. The company reported a net loss of INR 14.64 crore in the quarter ended March 2024 as against net loss of INR 13.85 crore during the previous quarter ended March 2023. Its sales rose 7426.67 percent to INR 11.29 crore in the quarter ended March 2024 as against INR 0.15 crore during the previous quarter ended March 2023.
For the full year, its reported net loss stood at INR 70.45 crore in the year ended March 2024 as against net profit of INR 104.68 crore during the previous year ended March 2023. Sales rose 6655.56 percent to INR 18.24 crore in the year ended March 2024 as against INR 0.27 crore during the previous year ended March 2023.
Pennar Industries’ Net Profit
Rises 30.39%
Pennar Industries is one of India’s leading industrial companies engaged in the production and marketing of specialized and engineered metal products. The Company is a leading manufacturer of profiles and components in various grades of steel and stainless steel. It caters to the auto, white goods, railways and infrastructure sectors. The objective of Pennar Industries Investor Relations is to ensure continuous and open communication with all financial market participants. The company has a pan-India presence with six manufacturing facilities situated across the country.
The company’s net profit rose 22.58 percent to INR 28.61 crore in the quarter ended March 2024 as against INR 23.34 crore during the previous quarter ended March 2023. Sales rose 23.09 percent to INR 822.80 crore in the quarter ended March 2024 as against INR 668.43 crore during the previous quarter ended March 2023.
For the full year, net profit rose 30.39 percent to INR 98.34 crore in the year ended March 2024 as against INR 75.42 crore during the previous year ended March 2023. Sales rose 8.15 percent to INR 3130.57 crore in the year ended March 2024 as against INR 2894.62 crore during the previous year ended March 2023.
Prince Pipes’ Profit Rises 50.30%
Prince Pipes manufactures plumbing, sewerage and drainage piping systems for both residential and commercial applications and CPVC piping systems or industrial pipes that find applications in industrial and infrastructure projects. It also serves the agriculture sector through products in borewell and agriculture piping categories.
Its net profit declined 41.94 percent to INR 54.65 crore in the quarter ended March 2024 as against INR 94.12 crore during the previous quarter ended March 2023. Sales declined 3.18 percent to INR 740.13 crore in the quarter ended March 2024 as against INR 764.41 crore during the previous quarter ended March 2023.
For the full year, the company’s net profit rose 50.30 percent to INR 182.50 crore in the year ended March 2024 as against INR 121.42 crore during the previous year ended March 2023. Sales declined 5.24 percent to INR 2568.75 crore in the year ended March 2024 as against INR 2710.87 crore during the previous year ended March 2023.
Ratnamani Metals & Tubes
Clocks ‘Best Ever Performance’
The manufacturer of stainless steel pipes, tubes, and carbon steel pipe Ratnamani Metals & Tubes’ product mix consists of stainless steel tubes and pipes, carbon steel pipes, and external and internal coating solutions.The firm’s manufacturing facilities are located in Kutch, Indrad, and Chhatral in the state of Gujarat.
In FY24, the company has clocked its best ever performance third time in a row with topline and profitability at its historic highs, consolidated revenues crossing INR 5,100 crores and profits approximately INR 600 crores. EBITDA margins were broadly in line with the guidance provided last year, albeit EBIT towards the higher side of the band due to the product mix and stable input prices. They have one expansion or capacity enhancement going on which is roughly 1200 to 1500 tons that will be operational by the middle of this year.
The company’s net profit rose to INR 193.12 crore in the quarter ended March 2024 as against INR 192.58 crore during the previous quarter ended March 2023. Sales rose to INR 1534.51 crore in the quarter ended March 2024 as against INR 1505.64 crore during the previous quarter ended March 2023. For the full year, net profit rose to INR 625.10 crore in the year ended March 2024 as against INR 512.28 crore during the previous year ended March 2023. Sales rose to INR 5132.31 crore in the year ended March 2024 as against INR 4570.88 crore during the previous year ended March 2023.
SAIL Sees INR 3066.67 Crore Profit
With a turnover of INR 50,627 crore, state-owned Steel Authority of India Limited (SAIL) is India’s largest steel producing company. The company is among the five Maharatnas of the country’s Central Public Sector Enterprises. SAIL has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
The company reported a nearly 3 percent fall in fourth-quarter profit, hurt by softer steel prices and higher costs. Its consolidated net profit for the quarter ended March 31, 2024 declined to INR 1,126 crore from INR 1,159 crore a year earlier. Sales in the fourth quarter was INR 27,959 crore in the year ended March 2024 as against INR 29,131 crore during the previous year ended March 2023.
For the full year, its net profit after tax stands at INR 3066.67 crore in the year ended March 2024 as against INR 2176.53 crore during the previous year ended March 2023. Sales rose to INR 1,06,445 crore in the year ended March 2024 as against INR 1,05,398 crore during the previous year ended March 2023.
In a statement, SAIL Chairman Amarendu Prakash said, “The domestic markets have remained quite robust showcasing continual growth in demand. We have been taking various initiatives towards increasing volumes, adding that value-added products to product basket and improving efficiency levels, which is reflected in the improved physical performance year-on-year.”
TII’s Engineering Division’s
Profit Hits INR 617 Crore Mark
Headquartered in Chennai, TI Machine Building (TIMB), a unit of Tube Investments of India Limited, offers a wide range of custom-engineered machines like tube mills and mill elements, straightening machines, precision swaging machines, draw benches, pilger mills, and material handling systems that can be integrated into manufacturing lines. The company provides complete solutions with automation and industry 4.0 features for special machines.
The unit’s reported revenue for Q4 was INR 1,276 crore compared with INR 1,044 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was INR 160 crore as against INR 132 crore in the corresponding quarter of the previous year. The revenue for the full year was INR 4,921 crore compared with INR 4,562 crore in the previous year. Profit before interest and tax for the full year was INR 617 crore as against INR 549 crore in the previous year.
Mention may be that Tube Investments of India Limited is a Murugappa Group-owned company. The 123-year-old conglomerate with presence across India and the world has diverse businesses in agriculture, engineering, financial services and more. With nine listed companies under its umbrella, abrasives, technical ceramics, electro minerals, electric vehicles, auto components, fans, transformers, signalling equipment for railways, bicycles, fertilisers, sugar, tea and several other products make up the group’s business interests.
Venus Pipes & Tubes’
Profit Rises 94.48%
Headquartered in Gandhidham, Gujarat, Venus Pipes & Tubes is a manufacturer and exporter specializing in stainless steel welded and seamless pipes. Its primary manufacturing facility, situated in Daheti, Gujarat, within the Kutch region, boasts an annual production capacity of around 12,000 metric tonnes. This strategic location offers logistical benefits, being approximately 50-70 kilometers away from the Mundra and Kandla Ports, facilitating efficient transportation of goods. The products it manufactures serve a wide array of industries, including chemicals, engineering, fertilizers, pharmaceuticals, power generation, food processing, paper, and oil and gas, among others.
The company’s net profit rose 86.45 percent to INR 25.04 crore in the quarter ended March 2024 as against INR 13.43 crore during the previous quarter ended March 2023. Sales rose 27.13 percent to INR 224.10 crore in the quarter ended March 2024 as against INR 176.28 crore during the previous quarter ended March 2023.
For the full year, net profit rose 94.48 percent to INR 85.98 crore in the year ended March 2024 as against INR 44.21 crore during the previous year ended March 2023. Sales rose 45.22 percent to INR 802.20 crore in the year ended March 2024 as against INR 552.40 crore during the previous year ended March 2023.
