Venus Pipes Profit Down 22% in Q3, Revenue Up 11%

New Delhi, Feb 14 (PTI) Stainless steel pipes and tubes manufacturers and exporters Venus Pipes & Tubes on Friday reported a net profit of Rs 18 crore for the December quarter of 2024-25 compared to Rs 23.27 crore in the year-ago period.

However, the company increased total income by 11.7 per cent in the third quarter to Rs 231.3 crore from Rs 207.1 crore in the same period last year.

"Strong export demand continued during the quarter, with exports rising by 153 per cent YoY. Growth was driven by robust demand from the US and Middle East & Africa market for welded pipes and tubes, while European demand continued to remain strong," the company said in a statement.

Exports accounted for 38.5 per cent of revenue during the quarter.

"Domestically, sales remain impacted by sluggish private and government sector capex," Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd said.

For the first nine months of FY25, net profit rose by 14 per cent to Rs 69 crore while revenue was up by 21 per cent at Rs 700 crore.

The company said its capacity expansion project for high-grade stainless and titanium welded tubes with a production capacity of 3,600 MTPA remains on track for completion by the end of March 2025.

The Phase 2 expansion which includes 4,800 MTPA capacity for seamless pipes and tubes is progressing as planned and is set to begin operations in December 2025.