Small cap plastic products company share skyrocketed by 16 per cent on the heels of impressive quarterly results
The company has become profitable year over year, with significant gains compared to the losses in the previous year's quarter
Prince Pipes & Fittings Ltd which is an integrated piping solution & multi polymer manufacturer surge by 15.77 per cent amid amid strong financial results for the second quarter of FY24 and half-year results. In Q2FY24 the company recorded a robust financial performance with a 392.95 per cent year-on-year increase in net profit, reaching Rs 70.63 crore compared to net loss of Rs 24.11 crore in the corresponding quarter of the previous year. During the second quarter of FY24, the company's total net revenue showed an increase of 3.32 per cent from Rs 639.16 crore to Rs 660.41 crore compared to the same quarter in the preceding year.
Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 259.99 per cent from Rs 19.62 crore. However, in Q2FY24, the company's total net revenue registered an increase of 18.49 per cent compared to the previous quarter, settling at Rs 557.35 crore.
The company's highlights include the promising sales performance of Prince Bathware, which was launched in June 2023, and progress on the construction of a new integrated manufacturing facility in Bihar to enhance market penetration in the East. The phased implementation is currently underway, which will result in a facility capable of producing approximately 35,000 MT of pipes, along with a tank production facility.
Yesterday the script was closed at Rs 624.95. Today, it opened at Rs 678 and closed at Rs 723.50, up by 15.77 per cent. The shares of the company have 52-week high at Rs 759.50 and it has a 52-week low at Rs 517. The company currently commands a market capitalization of approximately Rs 8,000 crore. Over the past one-year shares of company have generated 27.20 per cent return.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Tiny Treasure' service recommends researched small-cap stocks with Inherent Growth Potential. If this interests you, do download the service details here.