Strong results, ahead of estimates: PI Industries continued to deliver strong results with revenue, EBITDA and PAT registering robust growth of 24.5%, 28.4% and 23.6% y-o-y, respectively, in Q1FY2020. The improved performance was been led by a 59% y-o-y growth in the exports business as domestic business declined by 13% y-o-y. The management guided that the growth in exports is quite steep and hence might not sustain. However, it stated that a growth of 2025% is achievable on a sustainable basis for the next 3-5 years. The management reiterated its guidance for revenue growth of more than...