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Axis Securities Report
PI Industries Ltd.'s consolidated revenues stood at Rs 1,741 crore (+11/-8% YoY/QoQ), missing our estimates by 9%. Gross margins improved to 54% versus 45% in Q4 FY23. The company reported Ebitda of Rs 442 crore, up by 29% YoY and down by 20% QoQ.
Ebitda missed our estimates by 9%. Ebitda margin came in at 25% versus 22% in Q4 FY23 and 29% in Q3 FY24. The improvement in gross margins and Ebitda was mainly due to favourable product mix and operating leverage. PI Industries’ PAT stood at Rs 370 crore, in-line with our estimate, up 32%/- 18% YoY/QoQ.
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