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27 Years
4.4 Star
1 Crore +
Plastic Products company Prince Pipes & Fittings announced FY24 results:
- Delivered Revenue performance at Rs 2,569 crore, post successfully navigating volume loss issues earlier this year.
- EBITDA improved by 23% YoY to Rs 307 crore as compared to Rs 250 crore, margins at 12%.
- PAT was higher by 51% YoY at Rs 183 crore as compared to Rs 121 crore.
- The Board of Directors of the Company at its meeting held on 16th May 2024 has recommended a final dividend of Rs 1 per equity share of Rs 10/- each for the year ended 31st March 2024.
Commenting on the performance, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, “This fiscal we laid primary focus on implementing growth strategies, further building on our strong fundamentals and orienting efforts to drive volume growth. We achieved 16% volume expansion in Q4, driven by our operational assertiveness, efficient supply chain management, robust distribution network, and brand equity. All corporate initiatives undertaken this fiscal are aligned with our growth-led vision backed by the tremendous potential of India’s economic progress.
In line with our expansion goals, the construction of our Begusarai plant is progressing on course as this marks Prince Pipes’ dynamic expansion in East India – which is a major frontier of growth for us. We also strengthened our bathware platform through the acquisition of the iconic brand Aquel. This allows us to build greater depth for Prince’s bathware segment, and we have already launched the brand Aquel by Prince this quarter. The build-out of this segment has also gained momentum as we achieve the first full quarter of sales and undertake key staff appointments across disciplines, in all regions.
Prince is building several levers of growth that will give greater play to our strategies to become a stronger, greater, and more resilient enterprise. With this acquisition, the overall addressable market for Prince would be over ~Rs. 60,000 crores spread over Pipes, Water Tanks and Bathware, where we have several differentiating strengths.
In a dynamic landscape, Prince Pipes is well poised to leverage industry opportunities. As we progress, we will continue to focus on quick response, agility, and implementation to unlock greater value in the business.”
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