Hi-Tech Pipes Achieves Record Sales Volume in Q2 and H1 FY25

Key Takeaways from the Announcement

• Hi-Tech Pipes recorded a sales volume of 123,027 MT in Q2 FY25.
• Growth was driven by heightened demand in infrastructure, water transportation, and renewable energy sectors.
• Government spending on critical infrastructure and private investments in solar energy contributed significantly to this achievement.

As per a stock exchange filing, the company recorded its highest-ever quarterly sales volume of 123,027 MT in Q2 FY25, marking a 22.50% year-on-year (YoY) growth. For the first half of FY25, Hi-Tech Pipes achieved a sales volume of 245,182 MT, reflecting an impressive 32.55% YoY increase.

This growth was fuelled by a rise in demand across sectors such as infrastructure, water transportation, and solar energy. Despite the challenges posed by the monsoon season, Hi-Tech Pipes capitalised on opportunities driven by government investments in infrastructure projects and private investment in renewable energy projects.

About Hi-Tech Pipes Limited

Hi-Tech Pipes Limited is an Indian company involved in the manufacturing and supply of electric resistance welding (ERW) steel pipes, cold-rolled strips, and engineering products. Its main products include black hollow sections and round pipes, galvanised and pre-galvanised pipes, and cold-rolled coils (CR). These products serve various industries such as infrastructure, construction, automobiles, energy, agriculture, defence, engineering, and telecom. The company specialises in the production of steel tubes and pipes, with product brands like JalShakti, Organic Pipes, FireFighter, Bahubali, Pre-Gal, Casewell, Shakti, Flatmax, Crashguard, Pillar, ColorStar, and Metal GC Sheet. Hi-Tech Pipes operates five manufacturing facilities across Uttar Pradesh, Gujarat, Andhra Pradesh, and Maharashtra, with a total installed capacity of about one million metric tonnes per year.

Key Takeaway from the Launch 

• Utkarsh SFB launched the superCard and WhatsApp Banking to provide enhanced digital banking services.
• Mary Kom and Sunil Chhetri were announced as the new faces of the bank, aligning with the bank’s mission of trust and inclusivity.
• Utkarsh SFB continues to serve underserved customer segments with its diverse range of products, from micro-loans to digital banking services.

The superCard offers various perks, such as cashback on transactions and rewards from partner merchants, designed to cater to the evolving lifestyles of its customers. Meanwhile, the WhatsApp Banking service allows customers to manage their accounts and perform transactions seamlessly, including checking balances, mini statements, fund transfers, and blocking or unblocking debit cards.

Speaking on the launch, Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank, said, “We are dedicated to becoming the preferred financial institution for all customer segments. Our solutions are powered by technology and are designed to be sustainable, inclusive, and scalable. We are supported by a work culture that values passion, ethics, and corporate values. Our aim is to deliver the best customer experience. superCard and WhatsApp Banking Service marks a significant step in this direction. superCard offers exclusive, tailored made benefits such as Credit Card on UPI. Meanwhile, WhatsApp Banking provides everyday banking services directly to mobile phones, ensuring convenience and security.”

During the launch event, the bank also introduced its new brand ambassadors, Indian boxing legend Mary Kom and football captain Sunil Chhetri, whose values of perseverance and leadership align with the bank's mission of financial inclusion and innovation.

In a separate announcement, Utkarsh SFB introduced Mary Kom and Sunil Chhetri as their new brand ambassadors to enhance the bank's communication with its expanding customer and investor base. Mary Kom, known for her groundbreaking achievements in Indian women's boxing, and Sunil Chhetri, celebrated for his leadership in Indian football, are both admired figures. Their qualities of humility, perseverance, and ability to connect with people from various backgrounds make them ideal and trustworthy representatives for Utkarsh SFB, which serves a diverse audience.

These initiatives reflect Utkarsh SFB's commitment to integrating modern technology while catering to a wide customer base, ensuring both convenience and financial inclusion.

About Utkarsh Small Finance Bank Limited 

Utkarsh Small Finance Bank Limited (Utkarsh SFBL), founded on April 30, 2016, provides banking and financial services, with a focus on offering microfinance to underserved and unserved communities. The bank primarily operates in rural and semi-urban areas for its micro-banking services, while its general banking services are available across India. It began its operations on January 23, 2017, after receiving a small finance bank license from the Reserve Bank of India on November 25, 2016.

The bank provides microfinance loans through the Joint Liability Group (JLG) model to individuals, along with other retail loans like MSME loans, housing loans, personal loans, commercial vehicle loans, construction equipment loans, and wholesale lending.

Utkarsh SFBL also offers various digital banking services, including internet and mobile banking, Digi OnBoarding, UPI, online account opening, and access to ATMs and Micro ATMs to make transactions easier. The bank's headquarters is located in Varanasi, Uttar Pradesh.

Key takeaways from Biocon Biologics Refinances:

• Biocon Biologics priced its first USD 800 million senior secured notes at a coupon rate of 6.67%, marking the largest high-yield debut bond from India in the last decade.
• The bond issuance attracted over $2.5 billion in orders, demonstrating more than three times oversubscription and strong global investor confidence.
• The funds from the bond and a new syndicated debt facility will be used to refinance existing debt of $1.1 billion, improving the company’s liquidity and financial flexibility.
• The bonds are expected to be rated BB by S&P and Fitch and will be listed on the Singapore Stock Exchange, with settlement anticipated on October 9, 2024.

The bonds will be issued by Biocon Biologics Global plc, a wholly owned subsidiary of BBL, and are backed by a strong security package. The bonds are expected to be rated BB by S&P and Fitch and will be listed on the Singapore Stock Exchange, with settlement anticipated on October 9, 2024.

This refinancing effort aims to improve the company’s liquidity and optimise its capital structure. The transaction received robust interest, with a peak order book exceeding $2.5 billion, indicating oversubscription by more than three times. 

In addition to the bond issuance, Biocon Biologics has also entered a commitment agreement for a new syndicated debt facility. The proceeds from both the bonds and the new facility will be used to refinance existing debt of $1.1 billion, enhancing the company's financial flexibility and allowing for reinvestment in the business.

Shreehas Tambe, CEO and Managing Director, Biocon Biologics, said, " We expect this transaction to strengthen our capital structure and allow us to re-deploy investments into the business, including advancing our differentiated pipeline of biosimilars. It will also enable us to diversify our investor base to include marquee global funds and healthcare investors who seek to participate in Biocon Biologics’ growth story.” 

Kedar Upadhye, Chief Financial Officer, Biocon Biologics, said, “The refinancing of our debt through Bonds and syndicated term loans demonstrates strong financial flexibility and continued access to a diversified pool of capital. This successful debut bond issuance by Biocon Group at a global level highlights the strong credit profile of the biosimilars business. As part of this issuance, the Company went through a robust rating exercise from leading international agencies with the bonds expected to be rated as “BB” from both S&P and Fitch.”

About Biocon Limited:

Biocon Limited, which became publicly listed in 2004, is a leading global biopharmaceutical company dedicated to making complex therapies more affordable for chronic diseases like diabetes, cancer, and autoimmune disorders. The company has developed and launched a range of novel biologics, biosimilars, and complex small molecule APIs in India and various key international markets, along with generic formulations in the U.S. and Europe. Biocon also has promising new assets in immunotherapy under development.

About Biocon Biologics Limited:

Biocon Biologics Limited (BBL), a subsidiary of Biocon Limited, is a fully integrated global company focused on biosimilars, aiming to improve healthcare and patient lives. It utilises its “lab to market” approach to provide affordable access to high-quality biosimilars for patients in over 120 countries. The company employs advanced science, innovative technology, large-scale manufacturing, and top-quality systems to reduce costs of biological therapies while enhancing health outcomes. BBL has successfully launched eight biosimilars in major markets, including the U.S., Europe, Australia, Canada, and Japan, and has a pipeline of 20 biosimilar products targeting areas such as diabetes, cancer, and immunology. The company is also committed to environmental, social, and governance (ESG) initiatives, working towards key UN Sustainable Development Goals. More information can be found on their website.

Key Takeaway from the Award Win

• Transformers and Rectifiers (India) Limited received an order worth ₹565 crore from Power Grid Corporation of India Limited.
• The contract involves manufacturing transformers and reactors. 
• The order is expected to be completed by the financial year 2025-2026.

As per a stock exchange filing, this contract involves the manufacturing and supply of transformers and reactors with capacities ranging from 80 MVAr to 500 MVA and voltage classes from 420 kV to 765 kV. These transformers and reactors will play a crucial role in India’s power infrastructure.

The order is expected to be executed by the financial year 2025-2026. The company has confirmed that the promoter group and related entities have no involvement in the awarding of this contract, ensuring that it does not fall under related party transactions.

This order strengthens TRIL’s position in the Indian power sector, showcasing its capabilities in delivering high-quality power equipment for national infrastructure projects.

About Transformers And Rectifiers (India) Limited 

Transformers and Rectifiers (India) Limited is an Indian company that produces a variety of transformers, including power, furnace, and rectifier transformers, serving both domestic and international markets. The company offers power transformers ranging from medium to ultra-high voltage (up to 1200 kV AC) and from small (5 MVA) to large capacities (500 MVA). Their power transformer range includes auto transformers, generator step-up transformers, small and medium power transformers, trackside traction transformers, and auxiliary transformers. For rectifier transformers, the company provides products like bushing current transformers and instrument transformers. In distribution transformers, their range covers 250 kVA to 4000 kVA, with voltage levels from 11 kV to 33 kV. Their furnace transformers include electric arc furnace transformers, submerged arc furnace transformers, and ladle refining furnace transformers.

About Power Grid Corporation of India Limited

Power Grid Corporation of India Limited is a company focused on power transmission, responsible for planning, implementing, operating, and maintaining the Inter-State Transmission System (ISTS), along with telecom and consultancy services. The company operates in three segments: Transmission Services, Consultancy Services, and Telecom Services. Transmission Services handles the transmission of large-scale power across Indian states through high voltage networks. Consultancy Services offers expertise in transmission, distribution, and telecom sectors, covering planning, design, engineering, load dispatch, procurement, operation, maintenance, financing, and project management. The company uses spare optical fibres from its transmission network for telecom services. Its Smart Grid technology allows real-time monitoring and control of the power system.