PI industries surges 7%, scales all-time peak after June quarter results

Revenue for the quarter came in at Rs 1,060, up 41 per cent YoY.
Shares of PI industries rallied over 7 per cent to hit an all-time high of Rs 1,966 apiece on the BSE after the company reported a strong set of numbers for the first quarter of the financial year 2020-21 (FY21). 

The company posted a 43 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 146 crore against Rs 102 crore reported in the corresponding quarter of the previous fiscal. Revenue for the quarter came in at Rs 1,060, up 41 per cent YoY. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 236 crore, up 55 per cent from Rs 153 crore registered in the year-ago period.

Gross margin, however, slipped 280 basis points (bps) to 42 per cent from 45 per cent in the June quarter of FY20 due to change in the business mix of Export, Domestic, and Isagro, the company said. CLICK HERE TO READ PRESS RELEASE 

PI Industries noted that its exports increased by nearly 23 per cent YoY, driven mainly by proactive raw material, inventory management, and capacity planning. 

Domestic revenues were up by 76 per cent YoY, contributed by carryover demand from Q4FY20, Isagro brand sales, and robust momentum in the domestic segment on planned brand positioning to avail advantage of early sowing.

The company further said that its business outlook remains robust and it expects to launch two new products in the second, or third quarter of the current financial year. 

At 09:46 am, the stock was trading 4.5 per cent higher at Rs 1,914.20 on the BSE. In comparison, the benchmark S&P BSE Sensex was ruling at 38,021, up 333 points, or 0.88 per cent. 

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