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ICICI Securities Report
Prince Pipes and Fittings Ltd. has delivered an impressive beat on all counts -
- 18% YoY volume growth (our estimate 8%);
- 18.8% Ebitda margin (our estimate 16%) driven by operating leverage, superior product mix and inventory gains; and
- impressive free cash flow driven by stricter working capital discipline (down to 28 days).
Key highlights of the quarter -
- the company's Q3 volume growth was the best amongst its peers;
- it achieved approximately 16% adjusted Ebitda margins (adjusted for inventory gains and incremental brand spend) despite additional input cost pressures in chlorinated polyvinyl chloride (CPVC) pipe segment due to recent shift in sourcing versus 12-14% margins reported in last four years.
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