P I Industries Q1 Results FY2023, Net Profit at Rs. 2624 million

On 3rd August 2022, P I Industries announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported a Revenue at Rs. 15432 million with a growth of 29% YoY.

- EBITDA was reported at Rs. 3495 million with a growth of 39% YoY.

- The company reported its Net profit at Rs. 2624 million, up by 40% YoY.

Business Highlights:

- The company’s growth in the quarter was led by a surge in new enquiries, commercialization of 1 new product for CSM exports, and the launch of 3 new products in domestic agri-brands.

- In Q1FY23, 44 acre Green Belt was developed by converting barren land into farmland by P I Industries.

- The company saw a 42% increase in exports which was led by volume growth of about 30%, favorable price, and a currency rise of about 12%.

- The company saw a domestic growth of 4% which was mainly driven by price and a favorable product mix.

- The overheads were increased by 21% which is mainly attributable to a sharp rise in power and fuel, freight costs, and sales promotion expenses on the launch of new products.

Outlook for FY2023:

Domestic:

- In the domestic business, P I Industries expects strong demand for insecticides, fungicides, herbicides, and bio-nutrients on the back of monsoon predictions.

- 5 new products are to be launched in FY2023.

CSM Exports:

- In CSM Export Business, the P I Industries expect growing demand for some of the existing products.

- Commercialization of 7 new products is planned in FY2023.