PI Inds reports 28% YoY rise in PAT in Q3; EBITDA at Rs 555 crore

PI Industries has registered 28% increase in net profit to Rs 448.6 crore on a 18% rise in revenue to Rs 1,897.5 crore in Q3 FY24 as compared with Q3 FY23.

The companys domestic revenues were subdued, down 6% YoY to Rs 266.5 crore, due to delayed and erratic spread of monsoon although favourable product mix and improved working capital management helped contain financial impact.

Export revenue increased by 23% YoY to Rs 1,631 crore. Agchem exports rose by 13%, driven by volume growth and newly commercialised products. Pharma contributed exports revenue of Rs 127.3 crore i.e. nearly 10% of total exports revenue growth.

The companys overheads rose by 34% to Rs 462.6 crore in Q3 FY24 over Q3 FY23. This was mainly on account of newly acquired Pharma businesses.

EBITDA improved by 34% to Rs 555 crore in Q3 FY24 from Rs 415.6 crore in Q3 FY23.

Gross margin and EBITA margin for Q3 FY24 were at 54% (up 640 bps YoY) and 29% (up 348 bps YoY), respectively.

The companys Gross Margin and EBITDA improved mainly on account of favorable product mix, operating leverage and one-time impact of recovery of theft material.

The board of PI Industries has declared an interim dividend of Rs 6 per share for FY23-24.

The record date for the same is 21 February 2024 and the dividend shall be paid on or before 05 March 2024.

PI Industries operates in the domestic agricultural inputs and custom synthesis manufacturing (CSM) exports segments. It is a leading player in the domestic agricultural inputs sector, primarily dealing in agrochemicals and plant nutrients.

The scrip rose 0.96% to end at Rs 3487.15 on the BSE on Friday.

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