PI Industries Ltd. share price target

Revenue fell by 10.48% to Rs. 480.6 Cr in Q3FY17 when compared to the previous quarter. Also, it decreased by 5.07% when compared with Q3FY16.

PI Industries (PI) 3QFY17 revenues stood at Rs 4.9bn (-5% YoY), led by weakness in the CSM business. A better product mix and lower RM cost led to EBITDA margin of 21% ( 100 bps YoY), pushing up EBITDA to Rs 1.0bn ( 0.3%). Higher other income and Jambusar tax benefits boosted APAT to Rs 940mn ( 33%).

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 34 products, which includes 5 in-licensed products and 7 co-marketing products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company currently operates three manufacturing sites in Gujarat, having three formulation units and six multiproduct plants for manufacturing, active ingredients and intermediates. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points....

PI Industries Ltd (PI) reported strong 1QFY17 result with a revenue growth of ~15.4%/12.9% YoY/QoQ, respectively, at Rs 6.8bn led by export/domestic business growth of 20%/10%, respectively. EBITDA stood at Rs.1.6bn YoY/QoQ, a growth of 23.3%/55.8% led by better product mix. EBITDA margin expanded by ~154 bps YoY to 24.2%. Revenue growth backed by CSM business: In 1QFY17 the company posted revenue of Rs 6.8bn, a YoY/QoQ growth of ~15.4%/12.9%, respectively, mainly led by 20% growth in the exports revenue. We expect...

PI Industries reported strong results in 1QFY17 led by a higher share from custom synthesis (CSM) and in-licensed products. Revenues were at Rs 6.4bn ( 15% YoY) mainly driven by CSM ( 20%). Higher gross margins (better product mix) resulted in PI?s highest-ever EBITDA margin (25.9%, 170bps). EBITDA growth ( 23%, Rs 1.7bn) and lower taxes (benefits from Jambusar) boosted APAT to Rs 1.3bn ( 48%).

In-line revenues, EBITDA margin expands 150bp: PI Industries' (PI) revenues grew 15.4% YoY to INR6.8b (v/s est. of INR6.4b) in 1QFY17, led by the CSM business which grew 20%. Agri business, however, grew at a slower pace of 10% due to delayed onset of monsoon. CSM business showed a strong performance due to the commercialization of one new molecule and the commissioning of the new Jambusar facilities, which were not included in the base quarter. The company continues to have a robust order book of USD850m in its CSM business. EBITDA margin expanded 150bp to 24.2%, led by a better product mix in the domestic agri...

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 34 products, which includes 5 in-licensed products and 7 co-marketing products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company currently operates three manufacturing sites in Gujarat, having three formulation units and six multiproduct plants for manufacturing, active ingredients and intermediates. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points....

Nominee Gold has some new competition on the block We recently interacted with the management of PI Industries (PI) after the granting of certificate of registration for Herbicide Bispyribac Sodium...

According to IBEF, specialty chemicals market has expanded at a CAGR of about 12% over FY0711; the figure is expected to rise to 13% over the next five years to reach USD 45 billion by FY17....

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 34 products, which includes 5 in-licensed products and 7 co-marketing products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company currently operates three manufacturing sites in Gujarat, having three formulation units and six multiproduct plants for manufacturing, active ingredients and intermediates. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points....