Prince Pipes climbs 4.5% on March quarter results

The company logged a 7 percent year-on-year rise in net profit at Rs 94.11 crore for the quarter ended March.

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Prince Pipes and Fittings Ltd jumped 4.68 percent to Rs 612.65 in the morning trade on May 26 after the company logged a 7 percent year-on-year rise in net profit at Rs 94.11 crore for the quarter ended March.

The piping solutions and multi-polymer manufacturing firm had posted a net profit of Rs 88.23 crore in the year-ago period, it said in a regulatory filing after market hours on May 25.

However, revenue from operations dipped 15 percent to Rs 764 crore from Rs 901 crore in Q4 FY22. Volumes, too, slipped 2 percent to 44,317 MT 45,287 MT in the year-ago quarter.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 6 percent to Rs 148 crore from Rs 140 crore in the March quarter of FY22. The EBITDA margin stood at 19.4 percent.

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For the full fiscal 2022-23, the company’s profit after tax more than halved to Rs 121 crore from Rs 249 crore in FY22. The company delivered marginally improved revenue performance at Rs 2,711 crore.

“Performance for FY23 was adversely impacted by a sharp decline in PVC prices leading to destocking and inventory losses severely impacting performance in H1 FY23,” the company said.

After a steep correction of Rs 66 a kg from April till November 2022, PVC prices recovered in December and were largely range-bound till March 2023.

Prince Pipes said it delivered healthy profitability in Q4 FY23 led by stable input prices and the focus on improving the product mix.

“The year saw 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,” joint managing director Parag Chheda said.

At 11.17 am, the share was trading at Rs 611.90 on the National Stock Exchange, up 4.50 percent from the previous close.

The share has gained 3 percent on YTD basis,  but has declined 2 percent over the past 1-year period.

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