Vibhor Steel Tubes Limited — Important, 14-11-2024: General Updates

Vibhor Steel Tubes Limited has acknowledged a clerical error in its recently filed un-audited financial results for the quarter and half-year ending September 30, 2024, leading to a revision in the Total Comprehensive Income from ₹89.85 lakh to ₹84.25 lakh, a decrease of ₹5.59 lakh. The omission of "gains in cash flow hedge" in the Profit & Loss Statement was noted, along with a typographical correction from “June” to “September” in the notes section. The company has assured stakeholders that corrective measures have been implemented to prevent such occurrences in the future.

Additionally, Vibhor's ongoing project in Sundargarh, Orissa, for manufacturing ERW Pipes and GI Pipes is progressing, expected to be operational by November 2024 due to delays in electricity connection. The facility boasts a capacity of 120,000 M.T. p.a. Meanwhile, the Hyderabad plant is expanding production capacity for GL Pipes and Crash Barriers by 24,000 M.T. p.a. with a financial outlay of ₹2 crore. Investors should monitor these developments closely, as successful project completions could bolster future revenue streams.