Prince Pipes shares gain 15%, record 2nd largest single-day rise; here's why

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Prince Pipes & Fittings, India's leading integrated piping solutions provider and multi-polymer manufacturer, witnessed a remarkable surge in its stock price during Wednesday's trading session, driven by the company's strong Q2FY24 performance. For the September ending quarter (Q2FY24), the company reported a net profit of ₹71 crore, a significant improvement compared to the net loss of ₹24 crore in the same period last year. The company's Q2FY24 results include an exceptional item of a net gain of ₹17.93 crore related to the settlement of the registration of its corporate office at The Ruby, Dadar, Mumbai, based on a valuation report, as per the company's earnings report.

Also Read: Q2 results review: Nifty earnings in line so far; 10 top stocks see upgrade, downgrade Its revenues increased by 3% YoY to reach ₹656 crore, compared to ₹636 crore in Q2FY23. Finished goods volumes saw an 8% YoY increase in Q2FY24, reaching 41,529 MT, compared to 38,458 MT in Q2FY23. In terms of EBITDA, Q2FY24 showed a significant improvement at ₹94 crore, compared to a loss of ₹11 crore in Q2FY23, while the EBITDA margin expanded to 14.3%.

Also Read: Demand for luxury homes worth over Rs1.5 crore goes up this year: Report In response to the stellar Q2 performance, the stock began today's session with a gap-up at ₹684.80 apiece, compared to the previous closing price of ₹625.30, and strengthened further to reach ₹719.95, up by 15.13%. This marks the second-largest intraday gain for the stock since its listing in 2019. Prince Pipes & Fittings made its debut on the exchanges in December 2019 at ₹166.6 apiece, against an issue price of ₹178.