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Motilal Oswal Report
PI Industries Ltd.'s consolidated revenue growth was primarily driven by the custom synthesis manufacturing segment as domestic crop protection remained flat YoY.
Gross margins expanded despite higher raw material costs and reduced export incentives, but were aided by the product mix. Higher other expenses dented Ebitda, weighed by-
fuel and related utilities,
one-time expenses pertaining to several strategic initiatives, and
Covid-19 management costs.
The acquisition of the active pharma ingredient and intermediates business undertaking of Ind Swift Laboratory Ltd. has been called off due to the non-fulfillment of vital pre-agreed conditions as well as the re-negotiation of pre-agreed terms.
However, PI Industries remains confident of scaling up revenue from the pharma segment to 20% in the next four years.
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