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Dolat Capital Report
PI Industries Ltd.'s sales growth was ahead of our estimates, clocking 36.7% YoY growth to Rs 11.6 billion (our estimate Rs 10.7 billion).
Gross margins expanded by 30 basis points YoY to 46.9%.
The company' strong operating leverage led to an Ebitda margin expansion of 180 basis points YoY to 23.7%, with Ebitda growing by 47.7% YoY to Rs 2.7 billion (our estimate Rs 2.5 billion).
Profit after tax grew by 61.4% YoY to Rs 1.95 billion. Exports grew by 40% YoY to Rs 9.0 billion owing with efficient capacity utilisation and strong demand of commercial molecules.
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