PI Industries Q3 Results: Profit Down 17%, Misses Estimates

PI Industries Ltd.'s consolidated net profit fell 17% in the third quarter of the financial year, missing analysts' estimates.

The agro-sciences company posted a profit of Rs 373 crore in the quarter ended December in comparison to Rs 449 crore in the year-ago period, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had estimated a profit of Rs 395 crore.

The board of directors have announced an interim dividend of Rs 6 per share.

• Revenue up 0.2% to Rs 1,901 crore versus Rs 1,898 crore (Bloomberg estimate: Rs 1,929  crore).

• Ebitda down 7.5% to Rs 512 crore versus Rs 554 crore. (Estimate: Rs 515 crore).

• Margin narrows to 26.9% versus 29.2% (Estimate 26.7%).

• Net profit down 17% to Rs 373 crore versus Rs 449 crore (Estimate: Rs 395 crore).

Shares of PI Industries closed 1.17% higher at Rs 3,639 apiece on the NSE, compared to a 0.30% decline in the benchmark Nifty.

(This is a developing story).