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Prabhudas Lilladher Report
PI Industries Ltd. reported lower than expected results due to weak demand in domestic market, lower than anticipated custom synthesis manufacturing exports and cost overruns.
PI Industries entered into an agreement to acquire active pharma ingredient and intermediate business unit of Ind-Swift Labs on slump sale basis for Rs 15.3 billion.
Further, management highlighted scope of improvement from:
existing ISLL portfolio
combining portfolio pipeline of both companies and
implementing best commercial practices at ISLL.
While we await more clarity from the management regarding value accretion and financial benefits from their transaction, the deal looks inexpensive in our view given regulatory approvals of plants, quality of facilities and scope of throughput improvement.
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