Prince Pipes Q4 Review - Volumes, Inventory Gains Drive Earnings: Systematix

Plastic PVC plumbing parts sit inside a new home under construction. (Photographer Tim Boyle/Bloomberg)

Prince Pipes Q4 Review - Volumes, Inventory Gains Drive Earnings: Systematix

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Systematix Research Report

Prince Pipes and Fittings Ltd. reported revenue/Ebitda/adjusted profit after tax growth of 77%/155%/244% YoY to Rs 7.6 billion/Rs 1.47 billion/Rs 972 million in Q4 FY21.

Revenues were 20% ahead of our estimate as realizations improved 22% QoQ (above our expectations: 19% QoQ).

Sales volumes grew 26% YoY to 41,644 tonne and realizations grew 100% YoY to Rs 183/kg.

Gross/Ebitda margin expanded 435 basis points/590 basis points YoY to 34.8%/19.3% on-

  1. inventory gains of Rs 300-350 million,
  2. a favourable product mix and
  3. higher growth in plumbing pipes.

Click on the attachment to read the full report:

Systematix Prince Pipes and Fittings - Result Update - Q4FY21.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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