Buy Prince Pipes & Fittings, target price Rs 707: ICICI Securities
The brokerage tweaks its PAT estimates for FY23-FY25E by ~1% and maintain BUY rating with a revised Mar’24Etarget price of Rs707 (earlier: Rs717).
By ETMarkets.com | Updated:
ETMarkets.com
ICICI Securities has buy call on Prince Pipes & Fittings with a target price of Rs 707.The current market price of Prince Pipes & Fittings is Rs 554.
Prince Pipes & Fittings, incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 6138.38 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 31-12-2022, the company has reported a Standalone Total Income of Rs 707.12 Crore, up 10.63 % from last quarter Total Income of Rs 639.16 Crore and up 6.22 % from last year same quarter Total Income of Rs 665.72 Crore. Company has reported net profit after tax of Rs 35.39 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 31-12-2022, the company has a total of 11 Crore shares outstanding.
Investment Rationale
The company had announced its foray into bathware segment and the company plans to rollout products from this segment by mid-Q1FY24 using outsourcing model in its stronghold markets of Northern and Western India. It plans to achieve EBITDA breakeven in this segment within 12-18 months from the launch.
The brokerage tweaks its PAT estimates for FY23-FY25E by ~1% and maintain BUY rating with a revised Mar’24Etarget price of Rs707 (earlier: Rs717).
Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.41 per cent, DIIs 15.45 per cent.
Prince Pipes & Fittings, incorporated in the year 1987, is a Small Cap company (having a market cap of Rs 6138.38 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 31-12-2022, the company has reported a Standalone Total Income of Rs 707.12 Crore, up 10.63 % from last quarter Total Income of Rs 639.16 Crore and up 6.22 % from last year same quarter Total Income of Rs 665.72 Crore. Company has reported net profit after tax of Rs 35.39 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 31-12-2022, the company has a total of 11 Crore shares outstanding.
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Investment Rationale
The company had announced its foray into bathware segment and the company plans to rollout products from this segment by mid-Q1FY24 using outsourcing model in its stronghold markets of Northern and Western India. It plans to achieve EBITDA breakeven in this segment within 12-18 months from the launch.
The brokerage tweaks its PAT estimates for FY23-FY25E by ~1% and maintain BUY rating with a revised Mar’24Etarget price of Rs707 (earlier: Rs717).
Promoter/FII Holdings
Promoters held 62.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.41 per cent, DIIs 15.45 per cent.
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