Prince Pipes and Fittings’ net profit dips 41.93% in Q4 FY24, Real Estate News, ET RealEstate
NEW DELHI: Prince Pipes and Fittings has reported a dip of 41.93 per cent in its net profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 54.65 crore in Q4 FY24 as against Rs 94.11 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net total income stood at Rs 745.45 crore in Q4 FY24, a dip of 2.91 per cent from Rs 767.82 crore it registered in the similar quarter last year.
Parag Chheda, joint managing director of the company said, “We achieved 16% volume expansion in Q4, driven by our operational assertiveness, efficient supply chain management, robust distribution network, and brand equity. In line with our expansion goals, the construction of our Begusarai plant is progressing on course.
The board of directors of the company have recommended a final dividend of Re 1 per share of face value of Rs 10 each for the year ended March 31, 2024.
“We also strengthened our bathware platform through the acquisition of Aquel. With this acquisition, the overall addressable market for Prince would be over ~Rs. 60,000 crores spread over pipes, water tanks and bathware,” said Chheda.
