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Motilal Oswal Report
PI Industries Ltd. reported strong performance, led by growth in the Domestic business (up 76% YoY); growth was further aided by 23% revenue growth in custom synthesis and manufacturing (CSM).
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Operating leverage led to Ebitda margin expansion, partially offset by lower gross margins, weighed by higher share of Isagro Agrochemicals Private Ltd. and product mix changes.
Revenue was up 41% YoY (including Isagro's performance, which was absent in the base quarter) to Rs 10.6 billion (estimate Rs 9.2 billion).
Ebitda was up 50% YoY to Rs 2.3 billion (estimate Rs 1.9 billion); Ebitda margins expanded 140 basis point YoY to 21.6% (estimate 20.2%), supported by operating leverage.
The gross margin contracted 280 basis point to 42% due to Isagro's contribution to sales and a change in the product mix.
Adjusted profit after tax grew 43% YoY to Rs 1,455 million (estimate Rs 1,133 million); PAT growth was restricted, weighed by an increase in depreciation (up 45% YoY), increase in interest cost (up 4.2 times YoY), and lower other income (down 32% YoY).
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