Prince Pipes and Fittings (PRINCEPIPE) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue rose 9% YoY to ₹604 crores, with volumes up 15% to 42,118 MT and EBITDA increasing 29% to ₹58 crores; PAT improved 25% YoY to ₹25 crores, with margins expanding to 9.6%.

• Achieved broad-based growth across all verticals, supported by aggressive marketing, new product launches, and the Aquel acquisition.

• Strategic capacity expansion underway, including the new Bihar plant and debottlenecking at existing facilities.

• Unaudited Q1 FY25 results were reviewed and approved by the Board and Audit Committee, with no material misstatements identified.

Financial highlights

• Revenue for Q1 FY25 was ₹604 crores (₹6,044.72 million), up from ₹550 crores in Q1 FY24.

• EBITDA rose to ₹58 crores (29% YoY growth); PAT reached ₹25 crores (25% YoY growth); EPS for Q1 FY25 was ₹2.23, up 26% YoY.

• EBITDA margin improved to 9.6% (up 150 bps YoY); PAT margin at 4.1% (up 50 bps YoY).

• Working capital days improved to 36 for Q1 FY25; receivables reduced to 61 days from 83.

• Bathware revenue was ₹5 crores; water tank revenue ₹10-12 crores for the quarter.

Outlook and guidance

• Long-term sustainable EBITDA margin guidance remains at 12%-13%, despite Q1 margin at 9.6% due to product mix and higher branding costs.

• Volume growth guidance of 15% for FY25 is maintained; aggressive capacity addition planned.

• Focus on expanding product chain, strengthening water infrastructure, and improving ROE and ROCE.