Shares of Prince Pipes and Fittings in intra-day trade on Friday (September 25, 2020) zoomed over 8% to hit their highest level since listing of Rs. 260.4 per share on the BSE. The stock made a weak debut last year on December 30 at Rs. 160 in comparison to its issue price of Rs. 178.
As against 20% surge on the Sensex in the last 4 months, the stock of plastic products manufacturer has risen by 232% from its low of Rs. 75.30 hit on May 22, 2020. This is taking into account the stock's last traded price of Rs. 250 per share on the BSE at around 11:36 am.
As per the company's management, in May 2020 despite lockdown woes there was seen a healthy recovery in sales of over 80% as compared to last year's sales figure that was primarily aided by the agri sector being classified as essential goods. Further in June previous year's sales were fully recovered as the company saw encouraging growth not just from agri-segment but also in SWR and plumbing.
For April-June 2020 quarter (Q1FY21), the company logged 40 per cent year on year (YoY) decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 32 crore. Also, margin inched lower to 10.6 per cent from 13.95 per cent in the corresponding period a year-ago.
Prince Pipes and Fittings is the country's leading PVC pipes manufacturer and is engaged in the manufacturing of polymer piping solutions in four types of polymers - CPVC, UPVC, HDPE, PPR.