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Prabhudas Lilladher Report
PI Industries Ltd.'s Q1 FY23 results were better that our and consensus estimates. Revenue/Ebitda/profit after tax grew 29%/39%/40% YoY. Key highlights are:
custom synthesis manufacturing revenue grew 42% YoY to Rs 11.4 billion (volume/price growth of 30%/12% YoY);
domestic revenue grew 4% YoY to Rs 4.0 billion (largely drive by prices);
gross margins remained flat YoY to 43.8% YoY primarily led by better product mix and price hikes in the recent past;
CSM order book remains steady at $1.4 billion, flat sequentially;
launched three/one new products in domestic/exports market during Q1 FY23; to launch two/six more in subsequent quarters.
Citing the robust demand momentum, PI Industries has guided for up 20% YoY growth in revenues with margins likely to improve from current levels primarily led by strong enquiries in the CSM business and new launches in the domestic segment.
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