PI Industries Q2 beats estimates with net profit of ₹480 crore, revenue rises 20%

At the operating level, EBITDA jumped 27.7% to ₹551.5 crore in the second quarter of this fiscal over ₹431.9 crore in the corresponding period in the previous fiscal. The CNBC-TV18 poll had predicted an EBITDA of ₹520 crore for the quarter under review.

EBITDA margin stood at 26.1% in the reporting quarter as compared to 24.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization. The CNBC-TV18 poll had predicted a margin of 24.1% for the quarter under review.

PI Industries reported 22% growth in agchem exports driven by volume growth of 21% and 1% from price, currency, and favourable product mix. Pharma contributed export revenue of ₹71.9 crore i.e. 6% of total export revenue growth.

The domestic revenues were subdued with a reduction of 2% year-on-year due to the delayed and erratic spread of monsoon although favourable

product mix and improved working capital management helped contain the financial impact, it said. The Gross Margin improved to 47%, an improvement of 135 bps year-on-year mainly on account of a better product mix.

The results came after the close of the market hours. Shares of PI Industries Ltd ended at ₹3,575.85, up by ₹63.15, or 1.80%, on the BSE.