Prince Pipes gained 1.37% to Rs 236.95 after the company's net profit rose 42% to about Rs 47 crore in Q2 September 2020 from Rs 33 crore in Q2 September 2019.
Revenue from operations stood at Rs 458.67 crore in Q2 September 2020, nearly 7% rise from Rs 429.23 crore in Q2 September 2019. The result was announced after market hours yesterday, 3 November 2020.Profit before tax came at Rs 62.95 crore in Q2 September 2020, rising 41% from Rs 44.67 crore in Q2 September 2019. Total tax expense rose 46% year on year to Rs 16.37 crore in Q2 September 2020.
EBITDA rose 23% to Rs 80 crore in Q2 September 2020 from Rs 65 crore in Q2 September 2019. EBITDA margins stood at 17.5% in Q2 September 2020.
Commenting on the results, Parag Chheda, Joint MD of Prince Pipes and Fittings 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 year on year 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.
Meanwhile, the board of the company declared an interim dividend of Rs 1.5 per equity share.
The company's net debt to equity ratio excluding IPO funds stood at 0.1x as on 30 September 2020.
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Prince Pipes and Fittings is one of India's largest integrated piping solutions & multi polymer manufacturer based in Mumbai. Incorporated in 1987, Prince is India's largest PVC pipes manufacturer and one of the fastest growing companies in the industry.
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