Q4FY21 Result Update - PI Industries - ICICI Direct

PI Industries reported topline growth of 40% YoY to Rs. 1197 crore against our estimate of Rs. 1185 crore. Growth was led by the CSM business, up 47% YoY to Rs. 1006 crore. Revenue from domestic agri input was up 11% YoY to Rs. 191 crore, largely driven by Isagro (up 52% YoY). Revenue from domestic branded formulation fell 11% YoY to Rs. 100 crore. Change in the product mix and removal of MEIS benefits affected gross margins, which was down 469 bps YoY to 42.1%, translating into a below expected operational performance for the quarter. OPM contracted 279 bps YoY to 19% leading to EBITDA growth of 22% YoY to Rs. 227 crore vs. our estimate of Rs. 290 crore. Higher other income (Rs. 44 crore vs. Rs. 7.6 crore in Q4FY20), owing to increase in liquid investments/cash post QIP, negated the impact of poor operational performance, to a certain extent. PAT grew 63% YoY to Rs. 179.9 crore against our estimate of Rs. 212.3 crore.

For details, click on the link below: Link to the report

Shares of PI Industries Ltd was last trading in BSE at Rs.2588.2 as compared to the previous close of Rs. 2569.75. The total number of shares traded during the day was 73631 in over 3775 trades.

The stock hit an intraday high of Rs. 2641 and intraday low of 2569. The net turnover during the day was Rs. 191463344.

Source : Equity Bulls

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