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

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.Info Edge Q3 Results Review - Inline Operating Performance: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

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

Healthy CSM outlook key positive from the call

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