PI Inds gains after strong Q2 earnings

PI Industries rose 1.62% to Rs 2145.15 after the company's net profit surged 77% to Rs 217.60 crore on 27.6% increase in net sales to Rs 1,157.70 crore in Q2 FY21 over Q2 FY20.

EBITDA rose by 45% to Rs 280 Q2 September 2020 from Rs 193 crore in Q2 September 2019. EBITDA margin stood at 24% as on 30 September 2020 as against 21% as on 30 September 2019.

Profit before tax in the second quarter stood at Rs 262.70 crore, up by 55.2% from Rs 169.30 crore in the same period last year. Current tax expense declined 13.5% year-on-year (YoY) to Rs 36.60 crore during the quarter.

The company said that the COVID-19 disruption to operations and movement of goods impacted in a limited manner with all manufacturing facilities operational and capacity utilisation building back to pre-COVID levels. The firm's Q2 exports increased by approximately 25% YoY with proactive raw material inventory management and precise capacity planning, scaling up exports. Demand for key commercialized molecules remains strong, it added.

PI Industries manufactures agricultural and fine chemicals, and polymers. The company produces fine chemicals, crop protection, plant nutrients, and seeds, and engineering plastics for use in the automobile, electrical, and home appliances industries.

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