Prince Pipes Q4 Review – Strong Operating Results; Many Levers For Market Share Gains: Systematix

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Systematix Research Report

Healthy volumes (up 9% YoY) and robust Ebitda margin (15.6%) enabled Prince Pipes and Fittings Ltd. to post strong Q4 results.

While its plumbing and SWR portfolios continued to do well, agri is yet to pick up. Its Lubrizol tie up is aiding project sales expansion and market share gains in chlorinated polyvinyl chloride pipes, due to domestic raw material sourcing.

The high raw material inventory (intentional, on supply concerns) should normalize in H1 FY23.

Although falling PVC prices could pose operational challenges in the plastic pipes industry, Prince Pipes remains our preferred pick in the pipes pack, underpinned by market share gains, brand building focus and distribution/portfolio expansion.

Given its strong performance, Prince Pipes’s valuation gap has been narrowing versus peers since the last two years.

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