PI Industries gains after Q3 PAT rises 14% YoY

PI Industries advanced 1.06% to Rs 2515.10 after the company reported 14% rise in consolidated net profit to Rs 223 crore on a 17% increase in revenue to Rs 1,356 crore in Q3 FY22 over Q3 FY21.

Overheads amounted to Rs 333 crore in Q3 FY22, up by 24% from Rs 270 crore in Q3 FY21, mainly attributable to sharp increase in fuel and related utilities, shipping cost and one-time expenses pertaining to strategic initiatives.

EBITDA improved by 8% to Rs 297 crore in Q3 FY22 from Rs 276 crore in Q3 FY21. EBITDA margin was 22% in Q3 FY22 as against 24% in Q3 FY21.

"Trend of rising input costs continued. pass through partially effected by hiking selling prices both in CSM exports and Domestic segment during Q3full impact to reflect in coming quarters, the company said in a statement.

"Lower export incentives, partial cost pass through, etc. marginally impacted the gross margin despite favourable product mix, it added.

The company's board has approved an interim dividend for FY21-22 of Rs 3 per share.

PI Industries manufactures agricultural and fine chemicals and polymers.

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