Venus Pipes & Tubes Q3 results: Profit drops 22% to ₹18 crore, revenue up 11%

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

"Strong export demand continued during the quarter, with exports rising by 153% 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% 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% to ₹69 crore while revenue was up by 21% at ₹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.