In recent news, JM Financial has issued a “buy” call for Prince Pipes & Fittings and set a target price of Rs 770. As of the latest market data, Prince Pipes & Fittings Ltd. is currently trading at Rs 699.85.
Prince Pipes & Fittings Ltd., established in 1987, falls within the Small Cap category and operates in the Plastics sector. The company’s key Products/Revenue Segments encompass Pipes & Fittings, Scrap, Other Operating Revenue, and Export Incentives, based on the financial report for the fiscal year ending on 31st March 2022.
Analyzing the financials, for the quarter ending on 30th June 2023, the company reported a Standalone Total Income of Rs 557.35 Crore. While this figure represents a decline of -27.41% compared to the previous quarter’s Total Income of Rs 767.83 Crore, it is also a decrease of -7.92% compared to the Total Income for the same quarter in the previous year, which stood at Rs 605.32 Crore. The latest quarter’s financial report indicates a net profit after tax of Rs 19.62 Crore.
JM Financial’s Investment Rationale for recommending Prince Pipes & Fittings is based on several factors. They highlight the company’s favorable positioning to capitalize on the recovery in the real estate sector, its efforts to diversify its product offerings, initiatives in brand-building to enhance its enterprise business, and an expansive distribution network.
As of June 30, 2023, the company’s shareholding details show that promoters hold a 60.94% stake, while Foreign Institutional Investors (FIIs) own 6.12%, and Domestic Institutional Investors (DIIs) hold 16.38%.
Investors looking for potential investment opportunities may find JM Financial’s “buy” recommendation on Prince Pipes & Fittings a noteworthy consideration as they make their investment decisions.
