Company Update : Prince Pipes and Fittings Ltd By Motilal Oswal Financial Services Ltd

Weak performance amid volatile pricing scenario
Earnings lower than expected
- 1Q consolidated revenue declined 4% YoY/19% QoQ to INR5.8b (est. INR6b), while realization fell 7% YoY/7% QoQ to INR132.7/kg.
- Total volume grew 4% YoY but declined 13% QoQ to 49.3k MT.
- Consolidated EBITDA declined 32% YoY/28% QoQ to INR396m (est. INR359m), with EBITDA margin contracting 280bp YoY/80bp QoQ to 6.8% (est. 6%).
- EBITDA/kg stood at INR9/kg (down 35% YoY/17% QoQ).
- Adj. PAT was down 80% both YoY and QoQ at INR48m (est. INR66m).
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