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 is Rs 589.35. Time period given by analyst is a year when Prince Pipes & Fittings price can reach defined target.

Prince Pipes & Fittings, incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 6537.51 Crore) operating in Plastics sector.

Prince Pipes & Fittings key Products/Revenue Segments include Pipes & Fittings, Scrap, Other Operating Revenue and Export Incentives for the year ending 31-Mar-2022.


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 31-12-2022, the company has a total of 11 Crore shares outstanding.

Investment Rationale
The brokerage continues to like Prince given its focus on introduction of innovative products, distribution expansion, and premiumisation through branding activities, which will aid long-term sustainable volume growth.

Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.15 per cent, DIIs 15.45 per cent.