Mind the Gap

  India’s largest manufacturer of structured steel tubes. Like most companies, it was hit hard by the first wave of the pandemic, with sales halving and profits being wiped out completely in the April-June 2020 quarter. But, it was a blip. What followed was a relentless cycle of market share gain, so much so that the company will end FY22 with 55 per cent share of the steel tubes market, up from 40 per cent in FY20. Its operating cash flows have doubled during this period. Many of its competitors, particularly in the unorganised sector, have either shut shop or curtailed operations significantly.