Centrum Broking: PI Industries Delivers A Beat On All Fronts In Q2
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Centrum Broking Report
PI Industries Ltd.’s consolidated revenue at Rs 11.6 billion, (up 28% YoY), ahead of our estimate Rs 9.6 billion helped by strong domestic revenue of Rs 3.6 billion (up 33% YoY, our estimate Rs 2.9 billion) and very strong export revenue of Rs 8 billion (up 25% YoY).
Numbers were supported by Isagro revenues which are growing at high double digits consistently.
Resultant of the beat on revenue gross profit at Rs 5.1 billion (up 32% YoY) implies gross margins of 44.1%, (up 170 basis points YoY).
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