Buy Prince Pipes & Fittings, target price Rs 695. HDFC Securities

HDFC Securities has buy call on Prince Pipes & Fittings with a target price of Rs 695.. The current market price of Prince Pipes & Fittings is Rs 662. HDFC Securities recommended to keep stop loss at Rs 643.
Prince Pipes & Fittings, incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 7330.20 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 31-03-2023, the company has reported a Standalone Total Income of Rs 767.83 Crore, up 8.59 % from last quarter Total Income of Rs 707.12 Crore and down -14.81 % from last year same quarter Total Income of Rs 901.30 Crore. Company has reported net profit after tax of Rs 94.12 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 Khimji Kunverji & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 11 Crore shares outstanding.

Investment Rationale
Sustaining above the previous swing high of 640.Stock rose more than 3% with jump in volumes.

Promoter/FII Holdings
Promoters held 60.94 per cent stake in the company as of 31-Mar-2023, while FIIs owned 6.25 per cent, DIIs 15.75 per cent.