Captain Pipes Ltd.(BSE: 538817), one of the leading companies in the PVC Pipes industry, in
its board meeting held on 07 August, 2023 has approved the un-audited Financial Results of the Company for the quarter Ended on 30June 2023.
Standalone Financial Performance Comparison–Q1FY24 vs Q1 FY23 : Revenue from Operation sfell 30.47% from Rs.2750.05 Lakhs in Q1FY23 to Rs.1911.88 Lakhs in Q1FY24 despite volume growth due to PVC price decline in the current year. EBITD Aincreased by 302.55% from Rs. 44.93 Lakhs in Q1FY23 to Rs.180.87 Lakhs in Q1FY24. EBITD Amargins improved from1.63% in Q1FY23 to 9.46% in Q1FY24 by 783 bps. PBT increased by 2100% from Rs 6.12 Lakhs in Q1FY23 to Rs.134.67 Lakhs in Q1FY24
Commenting on the Q1FY24 Performance, Management added, “We are very pleased to announce strong performance of the company during Q1 FY2024 in terms of volume growth and profitability. Our total sales volume grew by 14% YoY. However, the price of PVC resin has declined significantly impacting sales realization value. This effect has led to decline in topline despite strong volume growth.
During the quarter, our EBITDA margin expanded to 9.46% compared to 1.63% during the quarter ended 30 June 2022.. The recent stabilization of PVC resin prices at lower levels and strong volume growth contributed to this improvement in EBITDA margin. Going forward, we expect to continue volume growth in this year aided by recent capacity addition and expanding channel network.
We are also focused on improving margins to double digit levels consistently through various initiatives like increase in sales of high margin products and spending on marketing activities to improve sales realizations. We are undertaking to further boost our marketing efforts through various campaigns on TV in English as well as in Vernacular languages We are confident that these exceptional financial results will further propel our company’s growth and enhance our position as a leading player in the industry. We express our gratitude to our dedicated employees, loyal customers, and supportive stakeholders for their unwavering trust and contribution to our success. Looking ahead, we remain committed to delivering on our promises, driving innovation, and creating long-term value for our shareholders and the community we serve.”