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Motilal Oswal Report
PI Industries Ltd. recorded a strong revenue growth in Q3 FY24 (up 18% YoY), led by healthy growth in the custom synthesis manufacturing business (up 13% YoY) and incremental revenue from the Pharma business, which was not there in Q3 FY23 (revenue mix ~7% in Q3 FY24 versus 3% in Q2 FY24). However, the domestic business continued to witness subdued demand (revenue down 6% YoY).
Ebitda grew 33% YoY in Q3 FY24, but it included a one-time impact of a recovery of theft materials worth Rs 0.4 billion.
We maintain our FY25/FY26 earning per share estimates and increase our FY24 earnings estimate to factor in the strong performance in Q3 FY24.
We reiterate our 'Buy' rating on the stock with a target price of Rs 4,350.
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