Prince Pipes and Fittings’s net profit up 6.66% in Q4 FY23, Real Estate News, ET RealEstate

June 24, 2023

NEW DELHI: Prince Pipes and Fittings (PPF), a piping solutions & multi polymer manufacturer, has reported a growth of 6.66 per cent in its net profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 94.11 crore in Q4 FY23 as against Rs 88.23 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 767.82 crore in Q4 FY23, a dip of 14.81 per cent from Rs 901.30 crore it recorded in the similar quarter last year.

Parag Chheda, joint managing director of the company said, “The year saw an 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. This trend reversed moderately from December 2022 and our resilient performance of Q3 FY23 strongly bounced back in Q4 FY23 with significant improvement in operational margins.”

The board of directors reappointed Rajendra Gogri as an independent director on the board of the company, to hold office for a second term of five consecutive years commencing from June 25, 2023, up to June 24, 2028.

The board also approved the greenfield expansion of capacity in Bihar. This facility will be operational for the manufacturing of pipes and the estimated cost of the project would be approximately up to Rs 150 crore. The expected capacity of the plant would be around 35,000 MT per annum.

“We are also set to launch the Bathware range towards the end of Q1 (FY24),” said Chheda.

Performance for FY23 was adversely impacted by sharp decline in PVC prices leading to destocking and inventory losses severely impacting performance in H1 FY23. After a steep correction of ~ Rs. 66 per kg from April till November 2022, PVC prices recovered in December and were largely range bound till March 2023, the company said in a media release.

Total carbon footprint generation of the company increased from 49,645 MT in FY22 to 57,482 MT in FY23, i.e., increase of 15.8%.

  • Published On May 25, 2023 at 06:30 PM IST

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