PI Industries - Mr. Jyoti Roy, DVP - Equity Strategist, Angel Broking Ltd.
"PI industries reported Q1FY21 numbers which have come in significantly above street and our expectations. Company reported a 40.6% yoy growth in revenues for the quarter to Rs. 1,060 cr. EBIDTA for the quarter was up by 50.3% yoy to Rs. 229.2 cr. while EBIDTA margins expanded by 140bps yoy to 229.2 cr. Growth was driven by both exports and domestic revenues which grew by 23% and 76% yoy respectively. The management has highlighted that both domestic and export supplies have picked up pace with all manufacturing facilities being operational and capacity utilization building back to pre-COVID levels. Contribution from recently acquired Isagro too has also added to growth during the quarter. The company has also successfully completed a Rs. 2000 cr. QIP recently, proceeds of which will be used for strategic growth initiatives both organic and inorganic. A good monsoon bodes well for the domestic business while the export order book of USD 1.5bn provides strong revenue visibility for the exports business. We remain positive on the future prospects of the company and PI Industries remains one of our top picks in the chemical space."
Shares of PI Industries Ltd was last trading in BSE at Rs.1896.2 as compared to the previous close of Rs. 1831.55. The total number of shares traded during the day was 16546 in over 1765 trades.
The stock hit an intraday high of Rs. 1966 and intraday low of 1890.5. The net turnover during the day was Rs. 31687629.
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