PI Industries Q1 Results Review - CSM Business Continues Its Healthy Growth Momentum: Dolat Capital

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.PI Industries Ltd. reported a healthy performance for the quarter registering sales growth of 23.8% YoY of Rs 19.1 billion (our estimate: Rs 17.1 billion) driven by strong performance from the custom synthesis management business.Ebitda grew by 35.4% YoY to Rs 4.7 billion (our estimate: Rs 3.9 billion) translating to an Ebitda margin expansion of 209 basis points to 24.5%. Healthy operating performance was driven by higher operating leverage and improved product/business mix.Profit after tax grew by 45.9% YoY to Rs 3.8 billion (our estimate: Rs 3.1 billion) on account of strong operating performance..Outlook and Valuation Healthy outlook for CSM business, uptick in domestic demand and scale up of pharma business should help PI Industries to sustain its growth momentum over FY24. With strong cash on books the company will continue to invest in newer opportunities both on the pharma as well as agchem side which will drive its growth in the mid to long term. With no change in guidance (18-20% growth in Agchem), we have broadly maintained our estimates for FY24E/FY25E. Owing to the run up in stock price since our last note we downgrade the stock to 'Accumulate' keeping our target price unchanged at Rs 4,385 (37 times FY25E earnings per share)..Click on the attachment to read the full report:.Sudarshan Chemical Q1 Results Review - Margins Recover, But Revenue Growth Faces Headwinds: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

PI Industries Q1 Results Review - CSM Business Continues Its Healthy Growth Momentum: Dolat Capital

CSM business registered a growth of 33% YoY led by 29% growth in volumes and 4% growth from price/forex/favorable product mix.

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PI Industries Q1 Results Review - CSM Business Continues Its Healthy Growth Momentum: Dolat Capital

CSM business registered a growth of 33% YoY led by 29% growth in volumes and 4% growth from price/forex/favorable product mix.

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