|
Prince Pipes & Fittings standalone net sales increased 9.30% to Rs 330.60
crore in Q1FY22 compared to Q1FY21.
Operating profit margin has jumped from 10.45% to 12.47%, leading to
30.47% rise in operating profit to Rs 41.24 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 68.02% to 75.02%. Purchase of finished goods cost rose from
0.98% to 2.29%. Employee cost decreased from 8.30% to 4.93%. Other expenses
fell from 10.88% to 8.25%.
Other income fell 57.69% to
Rs 2.2 crore. Provision for interest fell 60.35% to Rs 2.7 crore. Provision for depreciation rose 13.63% to Rs
15.92 crore. Profit before tax grew
55.22% to Rs 24.82 crore. Provision for
tax was expense of Rs 7.07 crore, compared to Rs 4.74 crore. Effective tax rate was 28.49% compared to
29.64%. Profit after tax rose 57.78% to Rs 17.75 crore.
Promoters’ stake was 63.25%
as of 30 June 2021 compared to 63.25% as of 30 June 2020.
Commenting on the results, Mr. Parag Chheda, Joint
Managing Director, Prince Pipes and Fittings Limited, said, “Our performance this quarter has been impacted due
to the severe second wave of Covid 19 across the country. Our response has been
firmly focused on the well-being of our staff, society, our business and on
exercising strong cost discipline across operations. This quarter witnessed a
steady momentum from the construction and plumbing segments supported by
greater in-roads by Prince Flowguard Plus within our growing dealer networks,
while the agri segment saw a lag. The industry potential remains robust. Given
the continued industry consolidation, our strong business fundamentals, and
strategic growth initiatives; we are actively capitalizing on all opportunities
to strengthen our leadership position.”
Full year results analysis
Net sales (including other
operating income) of Prince Pipes & Fittings has increased 26.65% to Rs
2,071.52 crore. Operating profit margin
has jumped from 13.99% to 17.46%, leading to 58.07% rise in operating profit to
Rs 361.64 crore. Raw material cost as a
% of total sales (net of stock adjustments) decreased from 67.67% to
64.11%. Purchase of finished goods cost
fell from 2.81% to 1.71%. Employee cost
decreased from 5.23% to 4.92%. Other
expenses rose from 11.03% to 11.41%.
Other income up 153.60% to
Rs 17.6 crore. Provision for interest
fell 37.68% to Rs 20.67 crore. Loan
funds declined from Rs 247.67 crore as of 31 March 2020 to Rs 88.03 crore as of
31 March 2021. Inventories declined from
Rs 344.52 crore as of 31 March 2020 to Rs 227.33 crore as of 31 March
2021. Sundry debtors were higher at Rs
353.37 crore as of 31 March 2021 compared to Rs 179.71 crore as of 31 March
2020. Cash and bank balance declined
from Rs 257.02 crore as of 31 March 2020 to Rs 229.92 crore as of 31 March
2021. Investments rose to Rs 1.46 crore
as of 31 March 2021 from Rs 0.63 crore as of 31 March 2020 .
Provision for depreciation
rose 14.31% to Rs 59.42 crore. Fixed
assets increased to Rs 574.45 crore as of 31 March 2021 from Rs 493.10 crore as
of 31 March 2020. Intangible assets
increased from Rs 3.01 crore to Rs 5.08 crore.
Profit before tax grew
98.67% to Rs 299.15 crore. Provision for
tax was expense of Rs 77.32 crore, compared to Rs 38.07 crore. Effective tax rate was 25.85% compared to
25.28%.
Profit after tax rose
97.16% to Rs 221.83 crore.
Promoters’ stake was 63.25%
as of 31 March 2021 compared to 63.25% as of 31 March 2020 .
Cash flow from operating
activities increased to Rs 307.09 crore for year ended March 2021 from Rs
102.30 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 145.88 crore, compared to Rs 120.67 crore during the year
ended March 2020.
Other developments
Prince Pipes and Fittings
Limited (PPFL), has announced the launch of Prince OneFit with Corzan® CPVC
Technology in association with Lubrizol - inventors, and largest manufacturers
of CPVC compounds worldwide,
headquartered in the United States.
Corzan® CPVC Technology has
been globally adopted as the preferred high-performance piping technology
across the world’s industrial applications. Backed by Lubrizol Advanced
Materials` 60 years of experience with chlorinated polyvinyl chloride (CPVC),
Corzan® CPVC Technology transports harsh chemicals at high temperatures without
corrosion concerns, found in the toughest processing applications.
Where internal and external
corrosion, heat, UV resistance, flame & smoke, pressure, and impact are
important and where metals are not economical due to their life span, Prince
OneFit with Corzan CPVC Technology can now be an economically viable piping
alternative. Prince will offer world standard CPVC Industrial piping systems
& technology to a wide range of Indian industries across Chemical, Power
generation, Metal treatment, Paper and pulp, Mineral processing industry &
Water Treatment plants. Several global chemical processors around the world
have adopted Corzan CPVC Technology in their facilities.
The scrip is currently
trading around Rs 701 on the BSE
|
Prince Pipes & Fittings : Standalone Results
|
|
Particulars
|
2106 (03)
|
2006 (03)
|
Var.(%)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Net Sales
|
330.6
|
302.48
|
9
|
2,071.52
|
1,635.66
|
27
|
|
OPM (%)
|
12.5
|
10.5
|
|
17.5
|
14.0
|
|
|
OP
|
41.24
|
31.61
|
30
|
361.64
|
228.79
|
58
|
|
Other Inc.
|
2.2
|
5.2
|
-58
|
17.6
|
6.94
|
154
|
|
PBIDT
|
43.44
|
36.81
|
18
|
379.24
|
235.73
|
61
|
|
Interest
|
2.7
|
6.81
|
-60
|
20.67
|
33.17
|
-38
|
|
PBDT
|
40.74
|
30
|
36
|
358.57
|
202.56
|
77
|
|
Depreciation
|
15.92
|
14.01
|
14
|
59.42
|
51.98
|
14
|
|
PBT
|
24.82
|
15.99
|
55
|
299.15
|
150.58
|
99
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
24.82
|
15.99
|
55
|
299.15
|
150.58
|
99
|
|
Taxation
|
7.07
|
4.74
|
49
|
77.32
|
38.07
|
103
|
|
PAT
|
17.75
|
11.25
|
58
|
221.83
|
112.51
|
97
|
|
EPS (Rs)*
|
#
|
#
|
|
20.2
|
10.2
|
|
|
Notes
|
|
* EPS is on current equity of Rs 110.03 crore, Face value of Rs
10, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|