Prince Pipes and Fittings soared 5.76% to Rs 605.95 after the company's net profit surged 244% to Rs 97.2 crore on 76.7% jump in net sales to Rs 761.3 crore in Q4 FY21 over Q4 FY20.
The piping solutions & multi polymer manufacturer saw robust volume growth driven by strong performance of plumbing portfolio. The company also witnessed a substantial value growth led by brand premiumisation and favourable product mix spanning plumbing and SWR categories.The company's volume grew by 26% year on year to 41,644 MT in Q4 FY21 from 33,140 MT in Q4 FY20. Profit before tax grew by 226% year on year to Rs 131.2 crore in Q4 FY21 from Rs 40.2 crore posted in Q4 FY20.
EBITDA stood at Rs 147 crore in Q4 FY21 as compared to Rs 58 crore in Q4 FY20, rising by 155% year on year. The company's margins grew by 590 basis points to at 19.3% in Q4 FY21 over Q4 FY20.
The company reported a 97% jump in net profit to Rs 222 crore in year ended March 2021 (FY21) from Rs 113 crore in year ended March 2020 (FY20). Revenue jumped 27% to Rs 2,072 crore in FY21 over FY20.
Commenting on the results, Parag Chheda, joint managing director of Prince Pipes and Fittings said, "Our performance this quarter is led by a well-defined growth strategy focusing on value expansion across our product portfolio and robust volume growth in the plumbing and SWR categories. We are happy with the strong traction Prince Flowguard Plus plumbing systems has been gaining in urban, semi urban and Tier 2/3 regions. Expanding distribution, manufacturing network and building a well-diversified product portfolio are the core focus areas that have helped sustain a robust momentum throughout the fiscal. We have also made positive impact with our ESG goals which are embedded into our business approach. The pipes and fittings industry is on a robust growth trajectory and we will continue to leverage all our competitive strengths as we build a value creating organization."
Meanwhile, the company has a dividend of Rs 2 per share for the year ended 31 March 2021.
Prince Pipes and Fittings is one of India's largest integrated piping solutions & multi polymer manufacturer.
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