Prince Pipes and Fittings Limited EBIDTA growth at 24.5%

Prince Pipes and Fittings Limited (PPF), one of India's largest integrated piping solutions & multi polymer manufacturer having six strategically located plants across the country, today announced its audited financial results for the year ended 31st March 2020. The audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 25th June, 2020.

Key Financial Highlights: FY20 vs FY19

- Revenue from operations stood at Rs. 1,636 crore in FY20 as compared to Rs. 1,572 crore in FY19, growth at 4.1%

- Sales volume growth 2.9% at 132,816 MT in FY20 as compared to 129,111 MT in FY19

- EBIDTA grew by 24.5% to Rs. 229 crore in FY20 as compared to Rs. 184 crore in FY19, margins at 14.0% vs 11.7%

- PAT grew by 37.8% to Rs. 113 crore in FY20 as compared to Rs. 82 crore in FY19

- Debt to equity ratio at 0.31 as on March 31, 2020

- The Board of Directors of the Company at its meeting held on March 12, 2020 declared an interim dividend of Re 1 per equity share of Rs 10/- each for the year ended March 31,2020

Key Financial Highlights: Q4 FY20 vs Q4 FY19

- Revenue from operations stood at Rs. 431 crore in FY20 as compared to Rs. 499 crore in FY19, de-growth at 13.6%, revenues got impacted owing to covid-19 lockdown in the month of March'20

- Sales volume at 33,140 MT in FY20 as compared to 39,641 MT in FY19

- EBIDTA at Rs. 58 crore in FY20 as compared to Rs. 58 crore in FY19, margins at 13.4% vs 11.7%

- PAT at Rs. 28 crore as compared to Rs. 30 crore

- Debtor days improved from 58 days in March'19 to 40 days in March'20

Commenting on the results, Mr. Parag Chheda, Executive Director of Prince Pipes and Fittings Limited, said "In these extraordinary times, I am extremely grateful to all our staff and team members of collaborating with each other and being supportive to ensure the safety and well-being of each individual. The team's resilience reflected in our performance too and allowed us to continue operations efficiently post partial unlocking. We have been successfully catering to demand through strategic production planning.

The sale impact due to the lockdown in the second half of March'20 which led to an increase in inventory was liquidated over Apr-May'20. With improvement of supply we have been receiving scheduled deliveries of all contracted raw material from our suppliers. Our Value Added Products (VAP) delivered robust growth and increased contribution to overall sales. Amidst challenges, we chose progress and launched the Storefit water tanks segment as part of a pilot launch from Gujarat. We are cognizant of the current situation and will continue to be agile, adapting and working to ensure sustainable growth for all our stakeholders."

Source : Equity Bulls

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