PI Industries Ltd.

NSE: PIIND | BSE: 523642 | ISIN: INE603J01030 | Industry: Agrochemicals
| Mid-range Performer
4110.0000 5.30 (0.13%)
NSE Jul 01, 2025 09:07 AM
Volume: 193
 

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PI Industries Ltd.
13 Feb 2020
4110.00
0.13%
Motilal Oswal
13 February 2020 PI maintained its strong performance, driven by both CSM/domestic agri businesses. Notably, CSM revenue grew by 19% YoY off a very high base (+40% YoY in 3QFY19). EBITDA margin improved led by operating leverage. Revenue/EBITDA was in line, but PAT was a miss mainly due to higher-than- expected tax rate. We broadly maintain our estimates and reiterate operating leverage. PAT grew at a lower rate of 12% YoY to interest cost and tax rate (due to change in SEZ share to overall business), although higher other income provided some support. For 9MFY20, revenue/EBITDA/PAT grew 23%/32%/21% YoY. CSM revenue grew 19% YoY to INR6.4b off a high base (+40% YoY in 3QFY19) on the back of continued ramp-up in exports. CSM order book was flat QoQ at USD1.4b. Domestic business revenue grew 24% YoY to INR2.1b, mainly led by growth in volumes due to higher acreages across key crops during Rabi.
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