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PI Industries Ltd reports Q3, 9MFY19 results

Posted On: 2019-02-12 10:08:34

PI Industries Limited (PI), a company with an integrated approach to Agri sciences business, announced its financial results for the quarter and nine-months ended December 31, 2018.

Financial and Operational Commentary for the quarter and nine-months ended December 31, 2018.

Net Revenue

Q3 revenue grew by 32% YoY mainly contributed by ~40% YoY growth in exports on account of ramp up in demand of existing products. Domestic revenue grew by 9% YoY despite soft demand in the current quarter on account of poor pattern of rainfall in rabi and low agri produce prices.

Nine Month revenue showed gains of 23% YoY contributed by ~20% YoY increase in domestic and 25% YoY growth in exports.

EBITDA

EBITDA during Q3 came in at Rs. 149 crore, higher by 42% YoY, with margins at 21%, contributed by better product mix and improved realization and operating leverage benefit.

Nine Month EBITDA was at Rs. 401 crore, showing growth of 12% YoY. Margins stood at 20%.

Post-tax Earnings

Q3 PAT came in at Rs. 107 crore, improving 33% YoY. The EPS stood at Rs. 7.76 per share. Nine Month PAT stood at 283 crore and EPS of Rs.20.52 per share.

Strong Balance Sheet

With a Net Debt to Equity position of almost Zero, sustained build up in performance has resulted in consistent accretion of reserves. Cash surplus was at Rs. 204 crore as on December 31, 2018.

Commenting on the performance, Mr. Mayank Singhal - Managing Director & CEO, PI Industries Limited, said: "PI continues to make healthy progress backed by demand upsurge in exports and excellent product portfolio in both for domestic and export markets.

There is substantial scale up in our exports over the last couple of quarters in line with overall improvement in global sentiment. The order pipeline is rich and we are working with our innovator partners to introduce novel molecules globally.

The domestic business has seen headwinds in this quarter from erratic rainfall in key agrarian states and poor price realization in the key crops. This has impacted demand and industry is seeing higher than average inventory levels but with a range of differentiated offering, PI has reported commendable results.

Our next phase of growth will be driven by our continued investments in new plants towards leading technologies and processes.

We have recently commissioned a new multi product plant and construction of two more plants have commenced."

Shares of PI Industries Ltd was last trading in BSE at Rs.835 as compared to the previous close of Rs. 841.95. The total number of shares traded during the day was 1140 in over 147 trades.

The stock hit an intraday high of Rs. 845.2 and intraday low of 829.6. The net turnover during the day was Rs. 955423.


Source: Equity Bulls

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