PI Industries surges on good Q4 results

PI Industries has surged 7% to Rs 640 on the BSE after the company reported a strong 58% year-on-year (YoY) growth in net profit at Rs 95 crore for the quarter ended March 2016 (Q4FY16).

Revenues grew 8.9% at Rs 585 crore on YoY basis. Earnings before interest, taxes, depreciation and amortization (EBITDA) margins improved 56 basis points to 18.30% from 17.74%.

Analyst on an average expected profit of Rs 73 crore on revenues of Rs 588 crore.

The company is engaged in agrochemicals business said the domestic performance was driven by momentum within the portfolio of in-licensed products in light of the expected good monsoon.

The company is planning to introduce a new herbicide named, ‘Legacee’ during Kharif 2016, it added.

A combined 273,241 shares changed hands on the counter on the NSE and BSE till 10:22 am.

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