PI Industries Q3 Results Review - Agrochem Aids Beat On Margin And Pat: Nirmal Bang

Nirmal Bang Report

PI Industries Ltd.'s Q3 FY24 consolidated revenue at Rs 18.97 billion was a miss of 1.68% versus our estimate. Agchem revenue at Rs 17.70 billion was a miss of 3.8%, due to 6.4% miss in CPC Domestic business, and 3.3% miss in CSM Export revenue (Rs 5.04 billion as per our calculation from PPT).

Pharma business revenue at Rs 1.27 billion was a beat of 41.6%. Agchem Ebit (NBIE reconciliation) at Rs 4.95 billion was a beat of 23.1%. Agchem Ebitda (NBIE reconciliation) at Rs 5.5 billion beat our estimate by 14.9%.

YoY Analysis: Revenue was up 17.6% YoY. Revenue, excluding Pharma, was up 9.7% YoY on a like to like basis. CSM Exports revenue was up 13.2% YoY, whereas CPC Domestic business revenue was down by 6.4% YoY.

Gross margin at 53.6% expanded by 640 basis points and Ebitda margin at 29.2% expanded by 344 basis points. As a result, Ebitda increased by 33.4% YoY. Growth in Ebitda included one-time income of Rs 700 million from the sale of stolen goods recovered in Q3 FY24.

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