PI Industries: Strong FY21 outlook, de-risking plans bode well for company

For FY21, the company indicated that domestic growth would be in the 20-22 per cent band outperforming the market growth

The stock of PI Industries, India’s second largest agrochemicals company by market capitalisation, hit record levels of Rs 2052.75 intraday before ending 7.4 per cent higher on Thursday. The price movement came on the back of strong June quarter results and a robust growth outlook for FY21.
 

Despite the Covid-19 disruption, the company posted a 41 per cent increase in revenues led by the domestic business. Like its peers, the company reported a strong domestic growth of 76 per cent led by demand spill-over from the March quarter.
 

A sharp jump in acreage, timely onset of monsoons improved the demand,