**Financial Highlights:** Q3 FY25 revenues fell to ₹578 crore from ₹619 crore in Q3 FY24, with finished goods volumes dropping to 41,267 MT from 42,665 MT.

EBITDA declined sharply to ₹3 crore versus ₹76 crore in the previous year, reflecting a significant drop in profitability.

Net loss for the quarter was ₹20 crore compared to a profit of ₹38 crore in Q3 FY24. For 9M FY25, revenues were down to ₹1,804 crore from ₹1,829 crore in 9M FY24, although finished goods volumes increased 4% YoY to 126,748 MT.

EBITDA for the nine months was ₹107 crore, down from ₹215 crore. **Strategic Initiatives and Growth Drivers:** The company is strategically expanding its retail presence with new showrooms in Goa, Jaipur, and Pune, focusing on tier 2 and 3 markets.

It is also progressing with its asset acquisition for a manufacturing unit, aiming to enhance operational capacity. **Business Developments:** Prince Pipes launched Udaan 2.0, a loyalty program for plumbers, offering cashback and discounts to encourage participation.

The company has also received recognition for its workplace culture, being certified as a Great Place to Work. **Market Position and Competitive Advantage:** Acknowledged as one of the top two most desired brands in the pipes category, Prince has established a strong brand presence and market credibility. **Investor Implications:** The financial decline signals challenges, but ongoing expansion efforts and brand positioning suggest a potential recovery.

Investors should monitor the impact of strategic initiatives on future profitability and expansion in key markets.