Profit before exceptional items and tax stood at Rs 74.90 crore in Q2 FY24 as compared with loss before exceptional items to Rs 33.02 crore posted in Q2 FY23. The company reported an exceptional item of Rs 17.92 crore during the quarter.

The company reported positive EBITDA of Rs 94 crore in Q2 FY24 as compared with negative EBITDA of Rs 11 crore posted in same quarter last year. EBITDA margin stood at 14.3% in Q2 FY24

Finished goods volume grew 8% to 41,529 metric tonnes (MT) in Q2 FY24 compared to 38,458 MT recorded in corresponding quarter last year.

Parag Chheda, joint managing director, Prince Pipes, and Fittings, said, “Our improving product mix, stringent input cost control, efficient marketing strategy, and good volume growth have translated into strong margin expansion during the quarter. We have promptly rolled out our Prince Bathware segment, which is gaining positive sales traction and encouraging feedback, as it builds a robust distributor base, in Northern and Western India. The long-term industry fundamentals remain strong, and we expect continued growth in the second half of the fiscal and continue with a firm commitment to strengthening India’s water infrastructure.”

Meanwhile, the company’s board as approved the appointment of Anand Gupta as chief financial officer (CFO) of the company with effect from 7 November 2023.

Prince Pipes and Fittings is one of India's largest integrated piping solutions & multi polymer manufacturers. The company has been engaged in the manufacturing of polymer piping solutions in four types of polymers - CPVC, UPVC, HDPE, PPR.