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ICICI Securities has buy call on Prince Pipes & Fittings with a target price of Rs 804. The current market price of Prince Pipes & Fittings is Rs 655.7. Time period given by analyst is one year when Prince Pipes & Fittings Ltd. price can reach defined target.
Prince Pipes & Fittings Ltd., incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 7309.75 Crore) operating in Plastics sector.
Prince Pipes & Fittings Ltd. key Products/Revenue Segments include Pipes & Fittings, Scrap, Contract Revenue, Other Operating Revenue and Duty Drawback for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Standalone Total Income of Rs 665.72 Crore, down -12.69 % from last quarter Total Income of Rs 762.48 Crore and up 20.24 % from last year same quarter Total Income of Rs 553.64 Crore. Company reported net profit after tax of Rs 67.32 Crore in latest quarter.
Investment Rationale
The brokerage tweaks estimates for FY22-24E by 3-4%, factoring in lower margins, but continue to like PRINCPIP for its long-term growth prospects due to comprehensive product portfolio, focus on enhancing distribution reach and emphasis on branding. It maintains BUY with revised Mar’23E target price of Rs804, set at 30x FY24E P/E. Key risks to the call: 1) Slowdown in housing market, 2) sharp fall in raw material prices will impact profitability.
Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 31-Dec-2021, while FIIs owned 4.84 per cent, DIIs 13.75 per cent.
Prince Pipes & Fittings Ltd., incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 7309.75 Crore) operating in Plastics sector.
Prince Pipes & Fittings Ltd. key Products/Revenue Segments include Pipes & Fittings, Scrap, Contract Revenue, Other Operating Revenue and Duty Drawback for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Standalone Total Income of Rs 665.72 Crore, down -12.69 % from last quarter Total Income of Rs 762.48 Crore and up 20.24 % from last year same quarter Total Income of Rs 553.64 Crore. Company reported net profit after tax of Rs 67.32 Crore in latest quarter.
Investment Rationale
The brokerage tweaks estimates for FY22-24E by 3-4%, factoring in lower margins, but continue to like PRINCPIP for its long-term growth prospects due to comprehensive product portfolio, focus on enhancing distribution reach and emphasis on branding. It maintains BUY with revised Mar’23E target price of Rs804, set at 30x FY24E P/E. Key risks to the call: 1) Slowdown in housing market, 2) sharp fall in raw material prices will impact profitability.
Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 31-Dec-2021, while FIIs owned 4.84 per cent, DIIs 13.75 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
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