Total revenue stood at Rs 176.3 crore in Q4 FY23 as compared to Rs 110.2 crore in Q4 FY22, growth of 60% YoY.

Revenue for seamless pipes stood Rs 96.9 crore in Q4 FY23 as compared to Rs 34.3 crore in Q4 FY22, a growth of 182% on YoY basis. Sales to direct domestic customers increased by 90% YoY in Q4 FY23.

EBIDTA for the quarter stood at Rs. 21.6 crs, up 57% YoY. EBIDTA margin was at 12.2% in Q4 FY23 as against 12.5% in Q4 FY22.

For FY23, the maker of stainless steel pipes reported a PAT of Rs 44.2 crore (up 40% YoY) and total revenue of Rs 552.4 crore (up 43% YoY).

The company's board has recommended final dividend of Rs 0.5 per equity share for FY 2022-23. With this, the total dividend declared for FY 2022-23 stands at Re 1 per equity share.

Arun Kothari, managing director, Venus Pipes & Tubes, said: “We are also delighted to inform that we have started our commercial production for our new capacity of Seamless pipes & higher dia welded pipes on 24th May 2023. Alongside, we have also commenced our production for Mother Hollow pipes as our capacity expansion for backward integration.

We have doubled the sales of Seamless Pipes in FY23 on account of our product quality, deep customer connects, addition of new customers & brand created for Venus over the years. Exports sales were impacted during the quarter on account of geo-political tensions and inflationary environment, especially in the European market. We believe that this is temporary in nature and exports sales should start picking up since we have commenced backward integration.”

Venus Pipes & Tubes is a manufacturer and exporter of stainless steel pipes and tubes. The company is manufacturing stainless steel tube products in two broad categories - seamless tubes/pipes and welded tubes/pipes. The company sells products in both domestic and international markets. It exports its products to more than 20 countries including Brazil, the UK, Israel and countries in the European Union, etc.

The scrip was currently trading 0.33% lower at Rs 966.75 on the BSE.