PI Industries slips over 2% as CFO Subhash Anand steps down

The management has accepted his request and accordingly he shall be relieved from his current responsibilities w.e.f. closing hours of August 18, 2020, the company said

Shares of PI Industries slipped 2.3 per cent to Rs 1,892.25 per share on the BSE on Monday after the company's chief financial officer Subhash Anand quit from the company.

"We wish to inform the exchange that Subhash Anand, Chief Financial Officer of the Company has decided to step down due to personal reasons and has requested for early relieving. The management has accepted his request and accordingly he shall be relieved from his current responsibilities w.e.f. closing hours of August 18, 2020," it said in an exchange filing. READ HERE

At 1:09 pm, the stock was quoting at Rs 1,920 apiece, down 0.94 per cent, on the BSE. In comparison, the benchmark S&P BSE Sensex was at 37,917 level, up 0.11 per cent.

During the June quarter of FY21, the company posted a 43 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 146 crore against Rs 102 crore reported in the corresponding quarter of the previous fiscal. Revenue for the quarter came in at Rs 1,060, up 41 per cent YoY. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 236 crore, up 55 per cent from Rs 153 crore registered in the year-ago period.

Gross margin, however, slipped 280 basis points (bps) to 42 per cent from 45 per cent in the June quarter of FY20 due to change in the business mix of Export, Domestic, and Isagro, the company said.

It hit an all-time high of Rs 1,966 on August 5, post its Q1 results.