Multibagger stock: Hi-Tech Pipes share price jumps 7% after Q1 results today

Multibagger stock: Hi-Tech Pipes shares are one of the multibagger stocks the Indian stock market has produced in recent years. The multibagger stock has delivered over 85 percent returns to its positional investors, whereas, in the last five years, Hi-Tech Pipes share price has ascended around 600 percent. This rise includes price adjustment after the 1:10 stock split in March 2023. Despite such a robust rally in the scrip, the stock still has some upside potential.

Hi-Tech Pipes share price today opened with an upside gap at ₹149 apiece on the NSE and touched an intraday high of ₹159.07 per share, recording an intraday rise of around 7 percent. While climbing to this intraday high, the multibagger stock came close to its lifetime high of ₹170 apiece. This multibagger stock was under the radar of Dalal Street bulls as the company has declared strong Q1 results today.

Hi-Tech Pipes Q1 results 2024

Declaring its Q1 results today, Hi-Tech Pipes Limited declared its highest-ever sales volume in the first quarter of the current financial year. In Q1, Hi-Tech Pipes recorded a significant increase of 45 percent with a total sales volume of 1,22,155 MT compared to the same period last year from 84,489 MT and 13 percent on Q-o-Q compared to the sales volume of 1,07,721 MT in Q4FY24. This achievement can be attributed to the company's strategic initiatives, including expansion of product lines, enhanced marketing efforts, and process optimizations.

Commenting upon the Q1 results 2024, Ajay Kumar Bansal, Chairman and Managing Director at Hi-Tech Pipes, said, “We are thrilled to reach this major milestone, demonstrating our team's dedication and hard work. Our focus on quality, customer-centric approach, and continuous improvement have enabled us to achieve this record-breaking sales volume. We are confident this momentum will continue, driving our growth and success in the industry. Further, we are extremely pleased with our new manufacturing facility, Sanand Unit II Phase 1, Gujarat, which is contributing to our sales volume. The facility has been operational since the end of Q4FY24 and has already started to impact our production capacity and efficiency. This new facility is a game-changer for us and will further cement our leadership position in the Western market.”

"One of India's leading steel processing companies, providing world-class innovative products for nearly four decades with a strong presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers, solar mounting structures, GP/GC Sheets, Color Coated Coils and a variety of other galvanized products. The company operates Six(6) state-of-the-art integrated manufacturing facilities located at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - near Bangalore, and Khopoli (Maharashtra), with an installed capacity of 7,50,000 MTPA, on a consolidated basis. The company is on its way to reaching a 1 million tone capacity in FY25. The company has a direct marketing presence in over 20 states with more than 450+ Dealers & distributors across India," the Hi-Tech Pipes CMD added.

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