PVC pipes, fittings manufacturing companies to see recovery this fiscal: Crisil Ratings
fittings manufacturing
companies will see a recovery this fiscal led by robust demand from end-user segments and a more stable price environment, according to
Crisil Ratings
.
Improved profitability and easing inventory levels will also reduce their
working capital
requirements and afford room to expand capacities without stressing balance sheets, the statement said.
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"Demand for
PVC pipes
and fittings has remained robust in recent times driven by
government schemes
such as
Jal Jeevan Mission
and Pradhan Mantri Awas Yojna, which focus on the water
supply
, sanitation and housing segments.
"What has changed is the government more than doubled budgetary allocation this fiscal, on-year, for these schemes, which can drive up the requirement of PVC pipes and fittings even more," Crisil Ratings Director Himank Sharma said.
This will lead to reduction in manufacturers' high-cost inventory as dealers begin restocking channels and partly wipe out a 130 basis points' decline in operating margin last fiscal.
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Demand from irrigation and
water supply projects
, contributing close to three-fourths of the sectoral revenues, is seen remaining strong, given the government's push in these sectors. Replacement and new demand from the real estate sector will also contribute, though moderate as compared with the past few fiscals, as fresh project launches are expected to reduce. PTI
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