PI Industries Q1 Review - Acquisition Plans Provide Growth Visibility: Dolat Capital
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Dolat Capital Report
PI Industries Ltd. reported Q1 FY22 performance below estimates owing to disruption in the domestic business caused by the pandemic and erratic monsoon.
Sales grew by 12.6% YoY to Rs 11.9 billion (our estimate: Rs 14.4 billion).
Ebitda growth was even lower at 8.6% YoY to Rs 2.49 billion (our estimate: Rs 3.15 billion) with Ebitda margins at 20.8%, down by 77 basis points YoY owing to higher other expenses and employee costs (up 31.8/20.1% YoY).
PI Industries' profit after tax growth stood at 28.7% YoY to Rs 1.87 billion owing to a lower tax rate of 18.0% (against 24.0% in Q1 FY21).
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