Prince Pipes and Fittings Ltd announces Q2FY21 results

Prince Pipes and Fittings Limited (PPF), one of India's largest integrated piping solutions & multi polymer manufacturers with six strategically located plants across the country, today announced its un-audited financial results for the quarter ended 30th September 2020. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 3rd November, 2020.

Key Financial Highlights: Q2 FY21 compared with Q2 FY 20

- Revenue from operations stood at ₹ 459 crore as compared to ₹ 429 crore in Q2FY20, grew by 7%

- EBITDA at ₹ 80 crore as compared to ₹ 65 crore, grew by 23%, margins at 17.5%

- PAT at ₹ 47 crore as compared to ₹ 33 crore, grew by 42%

- Net Debt to Equity ratio excluding IPO funds at 0.1x as on 30th September, 2020

The Board of Directors of the Company at its meeting held on 3rd November, 2020 declared an interim dividend of ₹ 1.5 per equity share of Rs 10/- each for the half year ended 30th September 2020.

Commenting on the results, Mr. Parag Chheda, Joint Managing Director of Prince Pipes and Fittings Limited, said "We are happy to report another quarter of continued strong performance amidst the existing pandemic situation. Our efforts were driven by sharp focus on the Agri & Plumbing segments and efficient cost optimization measures, translating into robust growth on YOY basis along with healthy margins. We continued to undertake several future-oriented initiatives already in aggressive implementation stages. During the quarter we established key strategic associations with global industry leaders to expand market leadership and manufacturing expertise, leverage our distribution excellence and strengthen competitive agility to respond to India's evolving needs in the piping systems industry.

As we progress, we remain cautious yet optimistic on industry outlook. We continue to explore strategic measures to contribute to and capitalize on the Government's initiatives centered on Atmanirbhar Bharat, and remain committed to creating greater shareholder value through our endeavours."

Source : Equity Bulls

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