Conference Call with Venus Pipes & Tubes Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products firm Venus Pipes & Tubes announced Q3FY23 results: Q3FY23 & 9MFY23: Total revenue stood at Rs 376.1 crore in 9MFY23, as compared to Rs 276.8 crore in 9MFY22. Revenue for Q3FY23 stood at Rs 136.1 crore, as compared to Rs 106.2 crore in Q3FY22, a growth of 28%. EBIDTA for Q3FY23 stood at Rs 17.5 crore, an increase of 37% on a YoY basis. The same for 9MFY23 grew by 34%. PAT for the quarter was up by 42% YoY and grew 30% on a nine-month basis. Commenting on the company’s financial performance, Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd, said, “We are proud to report a growth of 28% in our revenues and 42% 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% YoY in Q3FY23 and 107% YoY in 9MFY23. Not only both our product categories have shown robust growth in WRT 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 the impact of 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.” Result PDF
Discussion with Venus Pipes & Tubes Management and Analysts on the company's upcoming IPO and Financial Outlook. Listen to the full transcript.