Venus Pipes Q1 Profit Jumps 58% to Rs 27.5 cr

New Delhi, Jul 25 (PTI) Stainless steel pipes and tubes manufacturers and exporters Venus Pipes & Tubes Ltd on Wednesday reported a 58 per cent increase in the profit after tax (PAT) to Rs 27.55 crore for the June quarter, driven by higher exports.

Revenue from operations rose 34 per cent in the first quarter of FY25 to Rs 240.1 crore compared to Rs 179.6 crore in the year-ago period, the company said in a statement.

Revenue from exports stood at Rs 60.9 crore in the April-June period of FY25 compared to Rs 7.7 crore in the year-ago period, a significant eight-times jump.

Exports contributed 25 per cent to the total revenues in the June quarter of FY25 compared to 4 per cent in the year-ago period, the company said.

"High-margin seamless pipes segment continues its steady growth trajectory with a 22 per cent increase in revenue. The welded pipes segment also experienced a substantial growth of 55 per cent, fuelled by strong order inflows from the oil and gas sector, where we see vast potential for further expansion," Venus Pipes & Tubes Ltd Managing Director Arun Kothari said.

The company said it is witnessing an increase in inquiries and order flows from a diverse range of industries such as oil & gas, pharma, engineering, power and others.

"Our overall order book remains robust, not only from Europe, but we are seeing strong traction from the US and Middle East markets," Venus Pipes & Tubes said.

"Additionally, phase 1 capex of our value-added product lines is on track and is set for completion by March 2025," it added.

Shares of the company closed 2.41 per cent higher at Rs 2,254.60 on the BSE.