ICICI Securities: Prince Pipes & Fittings Poised for Growth with Rs 723 Target – Time to Add

ICICI Securities has recommended investors to ‘add’ Prince Pipes & Fittings, projecting a target price of Rs 723. Currently, the market price of Prince Pipes & Fittings stands at Rs 685.2.

Prince Pipes & Fittings Ltd., established in 1987, operates as a Small Cap company in the Plastics sector, with a market capitalisation of Rs 7,652.49 Crore. The company’s primary revenue segments include Pipes & Fittings, Scrap, Other Operating Revenue, and Export Incentives for the fiscal year ending March 2022.

Financial Performance

For the quarter ended March 31, 2024, Prince Pipes & Fittings reported a Standalone Total Income of Rs 745.46 Crore, marking a 19.92% increase from the previous quarter’s Total Income of Rs 621.63 Crore. However, this figure reflects a decrease of -2.91% from the Total Income reported in the same quarter last year, which stood at Rs 767.83 Crore. The company achieved a net profit after tax of Rs 54.65 Crore in the latest quarter.

Promoter and Institutional Holdings

As of March 31, 2024, promoters hold a 60.94% stake in Prince Pipes & Fittings. Foreign Institutional Investors (FIIs) own 5.15%, while Domestic Institutional Investors (DIIs) hold 18.53% of the company.