New Delhi, Aug 24: Birla HIL Pipes, part of the USD 3-billion CK Birla group, has launched a new leak-proof solution in the pipe and fittings segment as part of its strategy to bring more value-added products to address price volatility and premiumise the portfolio.
Birla HIL Pipes, which provides home and building material solutions, in a statement, said the company is introducing more value-added products, which will help it address the price volatility witnessed in the April-June quarter.
The company has launched TrueFiT leak-proof technology, which will significantly reduce the need for frequent repairs and maintenance, it said.
HIL Ltd Managing Director and Chief Executive Officer Akshat Seth said, “Our innovation agenda at HIL focuses on creating solutions for everyday consumer needs”.
The launch of new products and value-added products will help premiumise the portfolio and fight the price volatility, he added.
The CK Birla group company reported a 9 per cent growth in revenue in the April-June quarter to Rs 1,107 crore compared to Rs 1,026 crore in the year-ago period. The profit after tax dropped 78 per cent to Rs 13 crore in the first quarter against Rs 58 crore in the year-ago period.
The pipes and fittings segment revenue exceeded Rs 150 crore for the first time while volumes rose by two times to 10,000 MT, significantly outpacing market growth, the company stated.
HIL Ltd is eyeing a consolidated annual revenue of USD 1 billion (around Rs 8,390 crore) in the next three to four years. (PTI)
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