Shares of this small cap piping company gained 11.13 percent after the company reported robust results for Q2FY24. The company has a market capitalization of Rs. 6,843.18 crores.
At 10:50, 8th November shares of Prince Pipes and Fittings Ltd were trading at Rs. 694.65 per share, up by 11.13 percent from previous closing price of Rs. 625.20 per share. The stock has delivered 22.25 percent returns in the last 1 year.
Such bullish stock price movements were observed after the company announced results for Q2FY24 and reported profit of Rs. 94 crores compared to loss of Rs. 11 crores in the same quarter of previous financial year. Company’s revenue grew by 3 percent on a yearly basis and reported margins of 14.3 percent in this quarter.
Talking about the profitability ratios, the company reported return on equity (ROE) of 9.24 percent and return on capital employed (ROCE) of 12.4 percent in the last financial year.
The company’s promoters possess roughly 60.94 percent of the shares, while the Domestic institutional investors (DIIs) owns 18.56 percent with the public holding of 15.49 percent leaving the remaining 5.01 percent shares with the foreign institutional investors (FIIs).
Prince Pipes is a company that excels in the production of high-quality plumbing, sewerage, and drainage pipe systems designed for use in residential and commercial settings. Additionally, they manufacture CPVC piping systems and industrial pipes for various applications in industrial and infrastructure projects.
Written by: Vinit Israni
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