EBITDA stood at Rs 27.6 crore in Q1 FY24, registering the growth of 91.7% as compared with Rs 14.4 crore recorded in corresponding quarter last year.

EBITDA margin in this quarter has increased to 15.4% as against 12.3% in Q4FY23 and 12.7% in Q1FY23.

Total expenses rose 53.63% to Rs 156.73 crore in Q1 June 2023 over Q1 June 2022. During the quarter, cost of materials consumed stood at Rs 144 crore (up 42.11% YoY) while employee benefits expense was at Rs 3.99 crore (up 76.55% YoY).

The company has plans to expand its capacity for seamless pipes by an additional 400 MT per month within the next six months. It is also increasing the size of their LSAW Mill to produce 56-inch diameter pipes, allowing for a broader range of products for customers. Modifications have been made to the Piercing Mill to improve operational efficiency and increase production of Mother Hollow Pipes. The total capital expenditure for these improvements is estimated to be around Rs. 40-45 crore, which will be funded internally.

Arun Kothari, managing director, Venus Pipes & Tubes, said, the company has tripled its capacity and integrated the manufacturing of mother hollow pipes, enhancing competitiveness and allowing entry into new markets and customer segments. The industry shift towards organized players, driven by compulsory BIS certification and Anti-Dumping Duty (ADD), presents a great opportunity for growth. With favorable government policies and increased domestic demand, the company is optimistic about sustaining growth momentum and capturing new markets. Venus aims to expand its product portfolio, expand the client base, and prioritize product excellence and customer satisfaction to increase market share.

Venus Pipes & Tubes specializes in manufacturing and exporting stainless-steel pipes and tubes. Their product offerings include seamless tubes/pipes and welded tubes/pipes in various categories such as high precision & heat exchanger tubes, hydraulic & instrumentation tubes, seamless pipes, welded pipes, and box pipes. The company serves both domestic and international markets and exports its products to over 20 countries, including Brazil, the UK, Israel, and countries in the European Union.