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Revenue expanded in value terms – led by the plumbing and SWR portfolios delivering healthy performance.
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Prince Pipes and Fittings Limited (PPFL), one of India’s largest integrated piping solutions & multi polymer manufacturers with seven strategically located plants across the country, today announced its un-audited financial results for the quarter ended 30 th June 2021. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on August 5th, 2021.
➢ Revenue expanded in value terms – led by the plumbing and SWR portfolios delivering healthy performance. Volume was impacted owing to following:
− The quarter witnessed muted Agri demand
− Lockdown due to the second wave which witnessed extension into rural markets while also impacting urban sales
➢ EBITDA at ₹ 41 crore as compared to ₹ 32 crore, grew by 30.5%, margins at 12.5%, expansion by 200 bps
➢ PAT at ₹ 18 crore as compared to ₹ 11 crore, grew by 58%
➢ Long term debt free during the quarter
Key Business and Operating Highlights:
o Prince Pipes Launches Prince OneFit with Corzan CPVC Technology
➢ Prince OneFit Corzan is licensed from Corzan® CPVC Technology of Lubrizol Corporation -- preferred global partner of Prince Pipes
➢ Prince Onefit Industrial Piping Systems offer high performance, user friendly solutions to fight corrosion and allow continuous production by decreasing downtime
➢ Ability to offer world standard CPVC piping systems & technology to wide range of Indian industrial applications across Chemical, Power generation, Metal treatment, Paper and pulp, Mineral processing industry & Water Treatment plants
o Aligned with Ultratech Business Solutions - association at initial stages - to further entrench the Prince brand within real estate and construction segments
➢ Synergy will help in building a presence in the organized retail space
➢ Opportunity to offer home builders technical support in selecting the right products for the right applications and offer home builders world class piping systems & solutions
o Continued to actively support India’s fight against Covid by airlifting and donating oxygen concentrators to states of Bihar, Rajasthan, and Telangana
Commenting on the results, Mr. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, “Our performance this quarter has been impacted due to the severe second wave of Covid 19 across the country. Our response has been firmly focused on the wellbeing of our staff, society, our business and on exercising strong cost discipline across operations. This quarter witnessed a steady momentum from the construction and plumbing segments supported by greater in-roads by Prince Flowguard Plus within our growing dealer networks, while the agri segment saw a lag. The industry potential remains robust. Given the continued industry consolidation, our strong business fundamentals, and strategic growth initiatives; we are actively capitalizing on all opportunities to strengthen our leadership position.”