The revenue for Q3FY23 stood at INR 136.1 crore as compared to INR 106.2 crore in Q3FY22, a growth of 28 percent.
Venus Pipes & Tubes Ltd has announced its financial results for the third quarter and nine months ended on December 31, 2022. The total revenue stood at INR 376.1 crore in 9MFY23 as compared to INR 276.8 crore in 9MFY22. The revenue for Q3FY23 stood at INR 136.1 crore as compared to INR 106.2 crore in Q3FY22, a growth of 28 percent. EBITDA for Q3FY23 stood at INR 17.5 crore, an increase of 37 percent on YoY basis. The same for 9MFY23 grew by 34 percent. PAT for the quarter was up by 42 percent YoY and grew 30 percent on a nine month basis.
Commenting on the company’s financial performance, Mr. Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd. said, “We are proud to report a growth of 28 percent in our revenues and 42 percent increase in bottom-line in Q3FY23 on a YoY basis. During the quarter, the company upgraded the tube mill and in turn will further increase the efficiency of tube mills. This focus on productivity & quality has led to direct domestic sales (to brands) growing by 72 percent YoY in Q3FY23 and 107 percent YoY in 9MFY23.
Not only both our product categories have shown robust growth w.r.t sales & volumes, but we have also taken significant steps towards achieving our aim of diversifying geographically and across our sales channel. Exports share for the quarter was suppressed due to impact by inflationary environment and geopolitical tensions in Europe. This is a short-term impact, and we estimate this to rebound in the coming quarters in FY24.
This quarter we saw policy support for our Industry by the government. While imports on welded pipes already had ADD, the duty on seamless pipes announced recently is a positive move and is likely to boost the domestic utilization of players. In addition to import substitution, this will also aid us in capturing the market share of unorganized players. Now that the commissioning of our planned capex is close, we look forward to serving more industries and becoming the veterans of this sector.”