P I Industries spurts after strong Q3 results

P I Industries rose 7.38% to Rs 901 at 9:50 IST on BSE after net profit rose 33.1% to Rs 107.30 crore on 31.6% increase in net sales to Rs 707.50 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours yesterday, 11 February 2019.

Meanwhile, the S&P BSE Sensex was down 30.86 points, or 0.08% to 36,364.17.

On the BSE, 15,000 shares were traded in the counter so far compared with average daily volumes of 3,218 shares in the past two weeks. The stock had hit a high of Rs 913.70 and a low of Rs 850 so far during the day. The stock hit a 52-week high of Rs 930 on 26 February 2018. The stock hit a 52-week low of Rs 691.80 on 1 October 2018.

P I Industries said Q3 revenue growth was supported by about 40% year-on-year (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.

Earnings before interest, tax, depreciation and amortization (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.

Cash surplus was at Rs 204 crore as on 31 December 2018.

P I Industries focuses on complex chemistry solutions in agri-sciences. It currently operates a strong infrastructure set-up consisting 3 formulation facilities as well as 8 multi-product plants under its 3 manufacturing locations.

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