Prince Pipes and Fittings soared 5.76% to Rs 605.95 after the company s net profit surged 244% to Rs 97.2 crore on 76.7% jump in net sales to Rs 761.3 crore in Q4 FY21 over Q4 FY20.The piping solutions & multi polymer manufacturer saw robust volume growth driven by strong performance of plumbing portfolio. The company also witnessed a substantial value growth led by brand premiumisation and favourable product mix spanning plumbing and SWR categories.
The company s volume grew by 26% year on year to 41,644 MT in Q4 FY21 from 33,140 MT in Q4 FY20. Profit before tax grew by 226% year on year to Rs 131.2 crore in Q4 FY21 from Rs 40.2 crore posted in Q4 FY20.
Shares of Prince Pipes and Fittings hit a new high of Rs 659.75, surging 15 per cent on the BSE in the intra-day trade on Friday, after the company reported a 246 per cent year on year (YoY) jump in its profit after tax (PAT) at Rs 97 crore for the fourth quarter of FY21 (Q4FY21) on the back of strong revenue growth.
The company, engaged in integrated piping solutions & multi polymer manufacturers with seven strategically located plants across the country, had posted PAT of Rs 28 crore in the year-ago quarter.
In Q4FY21, the company s revenue increased 77 per cent to Rs 761 crore from Rs 431 crore led by a 26 per cent rise in volume at 41,644 MT over the previous year quarter. The robust volume growth was driven by strong performance of plumbing portfolio. Earnings before interest, taxes, depreciation, and amortization (Ebitda) grew 155 per cent YoY at Rs 147 crore while margin expanded by 590 basis points (bps) at 19.3 per cent during the quarter.
Weak Asian markets, which are at one-month lows, and a second day s fall in US stocks overnight may hit domestic market sentiment on Wednesday. There are concerns globally that rising inflation in the US will trigger a Fed rate hike soon. Back home, Covid cases in India fell for the third day, raising hopes that the country may soon see a peak in daily cases.
Here s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 21.50 points, or 0.14 per cent, lower at 14,828.50, signalling that Dalal Street was headed for a negative start on Wednesday.
Voltas, Vaibhav Global, Happiest Minds, Apollo Tyres, Birla Corp, Prince Pipes and Fittings, Sonata Softwares, Orient Electric, Borosil Renewables and Saregama India are among companies that will announce their March quarter results today.
Reliance Industries: India s largest telecom operator Jio widened its mobile subscriber base to 414.9 million in February, with healthy addition of 4.2 million users, as it managed a comfortable lead in the market, according to TRAI data.
Dr Reddy s Laboratories: The pharma major said it has inked a licensing pact with Eli Lilly and Company to produce Baricitinib in the country for treatment of COVID-19. The Hyderabad-based firm said it has entered into a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company for the manufacture and commercialisation of the drug in India.
Equity indices hit fresh intraday low as selling pressure intensified in morning trade. The Nifty slipped towards 14,700 mark. PSU banks and pharma stocks were in demand while IT, metal and auto stocks corrected.
At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 441.89 points or 0.9% at 48,719.68. The Nifty 50 index was down 131.40 points or 0.88% at 14,719.35.
In the broader market, the S&P BSE Mid-Cap index was down 0.49% while the S&P BSE Small-Cap index fell 0.22%.
The market breadth was positive. On the BSE, 1431 shares rose and 1185 shares fell. A total of 147 shares were unchanged.
Indian stock markets will remain shut tomorrow, 13 May 2021, on account of Id-Ul-Fitr (Ramzan Id).