PI Industries gains after good Q1 result

PI Industries rose 1.54% to Rs 657.80 at 11:01 IST on BSE after net profit rose 21.7% to Rs 87.30 crore on 17.7% growth in total income to Rs 563.40 crore in Q1 June 2015 over Q1 June 2014.

The result was announced after market hours yesterday, 28 July 2015.

Meanwhile, the S&P BSE Sensex was up 87.61 points or 0.32% at 27,546.84

On BSE, so far 9,602 shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past one quarter.

The stock hit a high of Rs 674 and low of Rs 651.65 so far during the day. The stock had hit a 52-week low of Rs 372.05 on 20 October 2014. The stock had hit a record high of Rs 785.65 on 13 April 2015.

The stock had outperformed the market over the past one month till 28 July 2015, rising 0.29% compared with Sensex's 1.27% decline. The scrip also outperformed the market in past one quarter, gaining 4.9% as against Sensex's 0.23% gain.

The mid-cap company has equity capital of Rs 13.66 crore. Face value per share is Re 1.

EBITDA stood at Rs 135.8 crore with margins at 24.5% in Q1 June 2015. This represents an increment of 160 basis points over last year, PI Industries said. A favourable product mix and efficiencies across the operations resulted in margin enhancement, the company said.

PI Industries said that performance of domestic agri input reflected moderated market sentiment and cautious approach at the start of the season. Overall the Kharif season is showing comfortable improvement over previous year on the back of PI's branded portfolio of products, the company said. Custom Synthesis exports maintained a healthy revenue run-rate. The business saw improvement on year on year basis on the back of muted growth realized during Q1 last year, it added.

Commenting on the performance Mayank Singhal, Managing Director & CEO, PI Industries said that during Q1 June 2015, the company focused particularly on product mix to drive a better performance. Very recently PI Industries received approval for one broad spectrum insecticide, which the company will be launching in the third quarter which is in line with strategy of introducing promising brands into the field, periodically, each year.

In terms of outlook, PI Industries said that the company will continue to deliver sustained healthy performance on the back of good growth in the domestic agri input owing to continued momentum in exports.

PI Industries focuses on agri-input and custom synthesis. The company currently operates three formulation and two manufacturing facilities as well as five multi-product plants under its three manufacturing locations across Jammu and Gujarat.

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