Prince Pipe Q4 Results: Record Profits, Expansion Spark Investor Frenzy

The domestic market inched higher for yet another day amidst positive market sentiment and good corporate earnings. Good quality midcap and Smallcap stocks have seen strong buying interest from investors, post their release of quarterly results. One such stock is Prince Pipe & Fittings, which rose 6% intraday during Friday’s trading session to hit the day’s high of Rs 623.95 level on the exchanges.

In its financial result for the quarter ended March 31, 2023, the company reported 8% QoQ increase in revenue to Rs 764 crore from Rs 706 crore in March 2022. Meanwhile, Profit After Tax (PAT) jumped by a massive 168% QoQ to Rs 94 crore as compared to Rs 35 crore in the previous period. Interestingly, volume MT grew by 13% to 1,57,717 for the full financial year 2022-23 as against 1,39,034 for the fiscal year 2021-22.

In its filing, the company said that resilient performance continued in Q4 despite a sharp decline in PVC prices. It plans to expand East India business with the help of greenfield capacity expansion in Bihar. It remained committed towards persistent focus on Environmental, Social and Governance (ESG) goals.

Also read: Amitabh Bachchan Sold DP Wires’ Stocks

Commenting on the performance, Mr Parag Chheda, Joint Managing Director, said, “The year saw an unprecedented volatility in input costs in PVC prices which led to significant inventory losses adversely affecting our profitability in H1FY23. We were able to mitigate the situation by cost and inventory optimization efforts. We continued to expand our product portfolio with the launch of state-of-the-art products in the Piping division, aligned to the Company’s growth strategy of bringing innovative and global products to the domestic market. Simultaneously, we are also implementing new, improved technologies to be future-ready and all these efforts are key growth-oriented strategic measures towards better performance in FY 23-24.”

Prince Pipe and Fittings Ltd is engaged in the manufacturing and distribution of pipes and fittings. Their product portfolio includes plumbing systems, agricultural irrigation systems, underground drainage systems, and industrial piping systems. Prince Pipes serves various sectors such as plumbing, agriculture, infrastructure, and real estate.