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Motilal Oswal Report
PI Industries Ltd. reported strong Q2 FY21 performance, driven by 25% YoY growth in custom synthesis and manufacturing (CSM) and 33% YoY growth in domestic business.
Strong Ebitda growth of 46% YoY (on high base) was reported on the back of gross margin expansion (due to mix changes) and operating leverage.
Factoring in the better-than-expected performance during the quarter, we have increased our profit after tax estimate by 9%/4% for FY21/FY22E.
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