Buy Prince Pipes & Fittings, target price Rs 660: JM Financial

JM Financial has buy call on Prince Pipes & Fittings with a target price of Rs 660. The current market price of Prince Pipes & Fittings Ltd. is Rs 556.4. Time period given by analyst is one year when Prince Pipes & Fittings' share price can reach defined target.

Prince Pipes & Fittings, incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 6154.96 Crore) operating in Plastics sector.

Financials

For the quarter ended 30-09-2022, the company has reported a Standalone Total Income of Rs 639.16 Crore, up 5.59 % from last quarter Total Income of Rs 605.32 Crore and down -16.17 % from last year same quarter Total Income of Rs 762.48 Crore. Company has reported net profit after tax of Rs -24.11 Crore in latest quarter.

The company’s top management includes Mr.Jayant Shamji Chheda, Mr.Parag Jayant Chheda, Mr.Vipul Jayant Chheda, Mr.Ramesh Chandak, Mr.Dilip Deshpande, Mrs.Uma Mandavgane, Mr.Rajendra Gogri. Company has N A Shah Associates LLP as its auditors. As on 30-09-2022, the company has a total of 11 Crore shares outstanding.

Investment Rationale
JM Financial is bullish on the counter on the back of its medium-term growth drivers, including, increasing distribution footprint, improving CPVC and B2B mix, and recovery in agri-segment.

Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 30-Sep-2022, while FIIs owned 4.15 per cent, DIIs 14.58 per cent.