Prince Pipes Q4 Review - Volumes, Inventory Gains Drive Earnings: Systematix

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Systematix Research Report

Prince Pipes and Fittings Ltd. reported revenue/Ebitda/adjusted profit after tax growth of 77%/155%/244% YoY to Rs 7.6 billion/Rs 1.47 billion/Rs 972 million in Q4 FY21.

Revenues were 20% ahead of our estimate as realizations improved 22% QoQ (above our expectations: 19% QoQ).

Sales volumes grew 26% YoY to 41,644 tonne and realizations grew 100% YoY to Rs 183/kg.

Gross/Ebitda margin expanded 435 basis points/590 basis points YoY to 34.8%/19.3% on-

1. inventory gains of Rs 300-350 million,
2. a favourable product mix and
3. higher growth in plumbing pipes.

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