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Geojit Research Report
Prince Pipes and Fittings Ltd. is one of the leading manufacturers of plastic pipes in India, with 5.5% of the overall market share. Products are marketed under the brand names Prince Piping Systems and Trubore.
Nine months-FY23, revenue grew by 11% YoY, led by 21% YoY volume growth. The volume growth was fueled by agriculture and stable plumbing demand as well as channel re-stocking.
Ebitda declined by 63% YoY, largely due to inventory loss and a higher base. But on a sequential basis, Q3 FY23 reported Ebitda margin was at 9.8%, exceeding the 5.1% average for the previous two quarters.
Overall demand environment to remain steady, driven by benign input costs, and healthy demand from the agri and housing segments.
With the exhaustion of high cost inventory, the worst impacts on margins are behind us. We expect margins will gradually improve from hereon.
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