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Prince Pipes and Fittings (PPF) had remitted an advance amount of Rs 40 crore to Prince Marketing for the purchase of immovable property at Dadar in Mumbai. The conveyance of the immovable property between PPF and Prince Marketing, had not been completed.
Accordingly, PPF and Prince Marketing entered into an agreement to record the terms of repayment of the advance amount. In January 2021 the first major tranche of the advance payment of Rs 26.10 crore has been received by PPF.
Parag Chheda, joint managing director, Prince Pipes and Fittings said, "The management decided to accept the amount from Prince Marketing and has received the first major tranche of the total amount. This will support PPF's balance sheet, which has been our key focus."
Prince Pipes and Fittings is an integrated piping solutions & multi polymer manufacturer. The company is India's largest PVC pipes manufacturer.
The company's net profit rose 39.4% to Rs 46.57 crore on a 6.9% increase in net sales to Rs 458.67 crore in Q2 FY21 over Q2 FY20.
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