Prince Pipes and Fittings has recorded a decline of 41.93% in its net profit for the quarter ending on March 31, 2024. The company's profit after tax for Q4 FY24 was Rs. 54.65 crore, compared to Rs. 94.11 crore in the same quarter of the previous fiscal year, as stated in a BSE filing.
Despite the decrease in net profit, Prince Pipes and Fittings remains a strong player in the industry with a solid track record of performance.
The company continues to focus on innovation, product quality, and customer satisfaction to maintain its market position and drive growth in the future.
The total net income of the company was recorded at Rs.745.45 crore in the fourth quarter of FY24, showing a decrease of 2.91% from the Rs.767.82 crore reported in the corresponding quarter of the previous year.
The joint managing director of the company, Parag Chheda said,We achieved 16% volume expansion in Q4, driven by our operational assertiveness,efficient supply chain management, robust distribution network, and brand equity. In line with our expansion goal the construction of our Begusarai plant is progressing on course."
The board of directors of the company has also announced their recommendation for a final dividend of Rs. 1 per share with a face value of Rs. 10 each for the fiscal year ending on March 31, 2024.
Chheda further mentioned,"We also strengthened our bathware platform through the acquisition of Aquel. With this acquisition the overall addressable market for Prince would be over Rs.60, 000crores spread over pipes water tank and bathware."
In response to the challenging market conditions, the company may be implementing cost-cutting measures, improving operational efficiency, and exploring new business opportunities to mitigate the impact of the decline in net profit. By adapting to the changing market dynamics and leveraging its strengths, Prince Pipes and Fittings aims to overcome the current challenges and achieve sustainable growth in the long run.
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