Q1FY24 Quarterly Result Announced for Prince Pipes & Fittings Ltd.
Plastic Products company Prince Pipes & Fittings announced Q1FY24 results: Revenue of Rs 554 crore in Q1FY24 compared to Rs 604 crore in Q1FY23, down (8)% YoY Healthy volume growth of ~19% YoY Operating results showed resilience, despite performance being materially disrupted, due to transitioning challenges arising from the ERP implementation EBITDA at Rs 45 crore as compared to Rs 44 crore in Q1FY23, margins at 8.1% Margins were under pressure due to unfavorable product mix and pipe-fitting ratio, due to ERP issues relating to the dispatch of fittings PAT improved by 25% YoY at Rs 20 crore as compared to Rs 16 crore in Q1FY23 Company continues to be long-term Debt Free with efficient working capital utilization Commenting on the performance, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings said, “Our performance this quarter has been resilient, reporting a volume growth of ~19% YoY. At the start of this fiscal, our operations were materially disrupted as we migrated to a new ERP system. As operations normalized, we were quick to enhance focus and improve execution. We are aligned with our vision to aggressively grow the Piping Systems business while diversifying into complementary verticals. We are delighted to share that June 2023 saw the roll-out of Prince Bathware – a world-class range of faucets and sanitaryware. With a strong team in place, we are actively building our presence in this competitive segment. To be future fit, we are strengthening our manufacturing footprint and capacity with the upcoming new facility in Bihar. On an overall basis, our business outlook continues to be positive as PVC prices remain affordable and economic activity remains healthy. As we work hard in further strengthening our fundamentals, we will continue to focus on volume growth and operational excellence and use our advantages to grow faster and deliver greater shareholder value.” Result PDF14-08-2023
