Iron & Steel Products company Venus Pipes & Tubes announced H1FY25 & Q2FY25 results Financial Highlights: Revenue of Rs 229.0 crore, a growth of 20% YoY for Q2FY25; H1FY25 revenue stood at Rs 469.1 crore, a growth stood of 26%. EBITDA of Rs 40.9 crore, a growth of 18% YoY with EBITDA margins at 18% for Q2FY25 and Rs 88.9 crore for H1FY25, growing by 42% YoY with margins at 19%. PAT of Rs 23.7 crore, a growth of 17% YoY with PAT margins at 10.4%; H1FY25 PAT stood at Rs 51.2 crore, growing by 36%. Business Highlights: Your company reported robust revenue growth of 19.6%, standing at Rs 228.9 crores with EBITDA margins of 17.9%. For H1FY25, the revenues stood at Rs 469.1 crores (volume growth of 30%+ for Seamless and Welded) witnessing a growth of 26.4% YoY with robust margins of 19.0%. The above growth was achieved despite domestic sales being impacted due to the spill over of orders to next quarters, primarily due to heavy rainfall in certain regions of the country. However, the overall demand outlook remains strong. Exports witnessed strong growth of 2.5x for the quarter on a YoY basis on the back of strong export demand, despite elevated freight rates which impacted margins during the quarter. Order book was all time high of Rs ~340 crores. Company continues to invest in best talent which has led to increase in market share across geographies (5x jump in domestic seamless pipe market share). We have appointed Mr. Neelanjan Bharadwaj as CSO & Mr. Mark Light as VP of Business Development (Energy), to further strengthen brand Venus & gain market share. Board of directors have declared an interim dividend of Rs 0.5 / - per equity share (FV Rs 10/- Per Share). Arun Kothari, Managing Director, Venus Pipes & Tubes, said: "Our performance in H1FY25 has been robust, marked by strong revenue growth of 26.4% year-on-year to Rs 469.1 crore. EBITDA reached Rs 88.9 crore, reflecting an impressive 42.5% increase from the same period last year, with margins at 19.0%. Profit after tax (PAT) also demonstrated solid growth, rising 35.8% to Rs 51.2 crore. This robust performance has been primarily driven by exceptional export market demand, with export revenues increasing more than 2.5 times over the previous year, fueled by high demand for our products in Europe, US and Middle Eastern markets. Exports now contribute 33% of our topline, and we expect this growth momentum to continue as conditions in the Red Sea region improve. Domestically, while heavy rainfall in certain regions led to a spillover of orders, however demand outlook and our order pipeline remain as robust as ever. Our order book continues to reflect strong demand across key sectors including, oil & gas, engineering chemicals & power. We remain optimistic about maintaining this momentum as we meet the growing needs of our clients. We look forward to delivering exceptional quality products that meet the evolving needs of our customers and exceed industry standards. Our commitment extends to delivering sustained value to all our stakeholders, shareholders, employees, and communities alike as we continue to innovate and drive growth across all our markets." Result PDF
Iron & Steel products company Venus Pipes & Tubes announced Q1FY25 results: During the quarter, the company achieved its highest-ever quarterly revenue of Rs 240.1 crore, a stellar growth of 34% EBITDA stood at Rs 47.9 crore growing by 74% YoY with a margin of 20% PAT for the quarter stood at Rs 27.5 crore with margin standing at 11.5% Our exports revenue continue to outperform driven by robust order inflows across markets. Exports revenue stood at Rs 60.9 crore, compared to Rs 7.7 crore in Q1FY24, a significant growth of 690%. Exports contribute 25% to the total revenues in Q1FY25, as compared to 4% in Q1FY24 We are witnessing increase in inquiries and order flows from a diverse range of industries such as oil & gas, pharma, engineering, power and others Our overall orderbook remains robust, not only from Europe, but we are seeing strong traction from US and Middle East markets Additionally, phase 1 capex of our value-added product lines is on track and is set for completion by March 2025 Rs 17.85 crore were received from holders of convertible warrants in accordance with the terms of the preferential allotment Commenting on the Q1FY25 performance of the company Arun Kothari, Managing Director for Venus Pipes & Tubes Limited Said, “We are proud to have started FY25 with a strong quarter, showcasing exceptional performance. Our revenues reached Rs 240.1 crore, reflecting a robust growth of 33.7%. Our EBITDA stands at Rs 48 crore, growing by 73.6%, with margins at 20%. Meanwhile, our PAT has increased to Rs 27.5 crore, a growth of 58%. During this quarter, our export performance has been exceptionally strong, with revenues increasing by an impressive 691% year-on-year, reaching Rs 60.9 crore and contributing 25% of our total revenues, up from 4% in Q1FY24. Sequentially, we have achieved significant growth of 123%. We are experiencing strong momentum not only in our key market of Europe but also seeing substantial traction in the US and Middle East markets. Moving forward, we have a robust order book from these regions and expect this export momentum to continue. Furthermore, our high-margin seamless pipes segment continues its steady growth trajectory with a 22% increase in revenue. The welded pipes segment also experienced a substantial growth of 55%, fueled by strong order inflows from the oil & gas sector, where we see vast potential for further expansion. Our order book stands strong, with orders pouring in from a diverse set of industries, predominantly from oil & gas, pharma, engineering, power and other sectors. We are well-positioned to capitalize on the current growth momentum. Our strategic initiatives, robust order book, and expanding presence in key international markets are paving the way for sustained success. We remain steadfast in our commitment to delivering high-quality products that meet and exceed our customers expectations.” Result PDF
Iron & Steel products company Venus Pipes & Tubes announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: • Revenue of Rs 224.1 crore, a growth of 27.1% as compared to Rs 176.3 crore in Q4FY23 • EBITDA of Rs 45.0 crore, a growth of 108.6% YoY as against Rs 21.6 crore in Q4FY23 • PAT of Rs 25.0 crores, a growth of 86.4% YoY as against Rs 13.4 crore in Q4FY23 FY24 Financial Highlights: • Revenue of Rs 802.2 crores, a growth of 45.2% as compared to Rs 552.4 crore in FY23 • EBITDA of Rs 146.3 crores, a growth of 111.7% YoY as against Rs 69.1 crore in FY23 • PAT of Rs 85.9 crores, a growth of 94.3% YoY as against Rs 44.2 crore in FY23 • Recommends final dividend of Rs 0.5 per equity share (FV Rs 10/-per equity share). Total dividend declared for FY2023-24 stands at Rs 1 per equity share of Rs 10/- each Commenting on the financial performance, Arun Kothari, Managing Director, Venus Pipes & Tubes, said, “We are delighted to conclude this fiscal year on a high note, showcasing exceptional financial performance. Our revenues have surged to Rs 802.2 crore, marking an impressive growth of 45.2%. EBITDA stood at Rs 146.3 crore, exhibiting a staggering increase of 111.7%, with margins standing at 18.2% for FY24. PAT for the same period stood at Rs 85.9 crore. Throughout the year, our primary focus has been on expanding our export base. Leveraging our backward integration of seamless pipes, our export revenues have witnessed a remarkable surge of 231%, reaching Rs 98.7 crore, now comprising approximately 12% of our total revenues. We have also started to receive orders from US markets, and we are looking ahead on penetrating this market along with Middle East, while simultaneously solidifying our presence across Europe. In addition to our efforts to expand our export channels, we also have diversified our presence across various industries. This year, we successfully ventured into sectors such as oil & gas, railways, food processing, and paint industry. Lastly, we recently announced capacity expansion into value added product lines, with foray into fittings business and adding capacities for titanium tubes. This strategic initiative enables us to provide comprehensive piping solutions. With our marquee customer base and quality product offerings, we are optimistic of increasing revenue and profitability growth. We enter FY25 with an optimistic outlook and a focus on ramping up our capacities along with deeper export penetration. Our commitment remains steadfast towards reaching out to diverse sectors, maintaining product diversity, and expanding our footprint across various geographies with unwavering enthusiasm.” Result PDF
Conference Call with Venus Pipes & Tubes Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Venus Pipes & Tubes announced Q3FY24 & 9MFY24 results: Q3FY24: Revenue of Rs 207.1 crore, a growth of 52.2% as compared to Rs 136.1 crore in Q3FY23 EBITDA of Rs 39.1 crore, a growth of 123.1% YoY as against Rs 17.5 crore in Q3FY23 PAT of Rs 23.3 crore, a growth of 106.6% YoY as against Rs 11.3 crore in Q3FY23 9MFY24: Revenue of Rs 578.1 crore, a growth of 53.7% as compared to Rs 376.1 crore in 9MFY23 EBITDA of Rs 101.2 crore, a growth of 113.0% YoY as against Rs 47.5 crore in 9MFY23 PAT of Rs 60.9 crore, a growth of 97.9% YoY as against Rs 30.8 crore in 9MFY23 Commenting on the financial performance, Arun Kothari, Managing Director, Venus Pipes & Tubes, said, “We are delighted to announce robust financial results, achieving our highest-ever revenues of Rs 207.1 crore, reflecting a remarkable 52.2% YoY growth. Our EBITDA has also surged by an impressive 123.1% YoY, with EBITDA margins reaching 18.9% for Q3FY24. Revenues for 9MFY24 stood at Rs 578.1 crore witnessing a growth of 53.7% YoY with EBITDA margins standing at 17.5%. During the quarter, we have operationalised 200 MTPM out of the 400 MTPM of additional capacity expansion of Seamless Pipes and the rest of the capacity expansion will be completed in Q4FY24. Additionally, we are proud to say that we are among a handful of companies in the country to receive approvals from leading oil and gas companies from India & Middle East. These approvals are a testament to the quality of our offerings and strengthen our goal of leading the stainless-steel pipes & tubes industry. Our efforts in Europe are bearing fruit with exports now contributing 17% to our total revenues. Our commitment to delivering products that meet European standards has solidified our brand as a trusted player. With the goal of expanding our global footprint, we are focusing on increasing our presence across the Middle East, Africa & US and we have already appointed Senior Marketing representatives for these regions. Our goal is to replicate the success we've achieved in Europe and extend our brand presence in America, Africa & Middle East. We remain proactive in identifying and capitalizing on new opportunities across diverse geographies to further enhance our brand presence. Leveraging our strong partnerships and quality offerings with increased SKUs, we are confident of deeper market penetration, and continue to focus and increase our efforts to take brand Venus to newer geographies across India and the world.” Result PDF