Venus Pipes & Tubes on Thursday reported a 17 per cent on-year increase in profit after tax to ₹23.7 crore for the July-September quarter of this financial year.
The stainless steel pipes and tubes manufacturer and exporter had reported a profit after tax of ₹20.25 crore in the year-ago period, the company said in a statement.
Revenue from operations rose by nearly 20 per cent to ₹229 crore in the second quarter of 2024-25, as compared to ₹191.35 crore in the year-ago period, the statement added.
"The robust performance has been primarily driven by exceptional export market demand, with export revenues increasing more than 2.5 times over the previous year, fueled by high demand for our products in Europe, the US and the Middle Eastern markets,” Arun Kothari, Managing Director, Venus Pipes & Tubes, said.
Exports now contribute 33 per cent of the company's topline and this growth momentum is expected to continue as conditions in the Red Sea region improve, he added.
The company said its order book stood at ₹340 crore and reflects strong demand across key sectors including, oil and gas, engineering chemicals and power.
In the domestic market, heavy rainfall in certain regions led to a spillover of orders, however, the demand outlook and order pipeline remain as robust, the company said.