On the back of stellar Q1 results, shares of PI Industries rallies 3.7% on August 04

Net profit jumps 40% for this leading agro chemical company at Rs 258 crore.

India’s leading agro chemical company, PI Industries Ltd posted its financial results for the first quarter of FY2023 on August 3, post market hours. Today, the shares of PI Industries opened strong on the back of robust Q1 performance from the previous close of Rs 3027.25 logging an intra-day gain of 6%

The company recorded consolidated net revenue at Rs 1543.20 crore in Q1FY23 which is an increase of 29.3% YoY, on a QoQ basis the revenue was also up by 10.6%. While revenue from exports grew by 42%, domestic revenue grew 4% YoY due to the late arrival of rains. EBIDTA for the company increased 38.85% on YoY and by 13.31% on QoQ and stood at Rs 345.60 crore.

The company reported PAT of Rs 258.50 crore as against Rs 184 crore a year ago, which is an increase of 40% while sequentially PAT grew by 26.84%.  

The company reported robust EBITDA and PAT margins at 24.40% and 16.75%, respectively led by volume growth along with higher realisation with an enriched product mix. Despite, the headwinds of a substantial increase in raw material cost, the company was able to pass through costs both in domestic and export segments in Q1.

 The company has also launched a new product BROFREYA in the Insecticide category while it proposes to launch 5 new products in FY23.

At the closing bell, shares of PI Industries Ltd were quoting Rs 3138.65 with a gain of 3.68% or Rs 111.40 over its previous close. It has logged 52-week high and low of Rs 3533.30 and Rs 2334.35.