PI Industries Q4 Review - All Eyes On Inorganic Aspirations: Dolat Capital

An employee prepares a solution in a flask during a test. (Photographer: Brent Lewin/Bloomberg)

PI Industries Q4 Review - All Eyes On Inorganic Aspirations: Dolat Capital

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Dolat Capital Report

PI Industries Ltd. Q4 FY21 results though ahead of our estimates were inconsistent with its nine months FY21 trajectory of a higher Ebitda growth than its sales growth.

The disappointment on margin contraction, and subsequently Ebitda was attributed to seasonality affecting product mix and deprivation of Merchandise Exports from India Scheme benefits.

Sales/Ebitda/profit after tax grew by 40.0/ 22.1/62.4% YoY to Rs 11.97/2.27/1.80 billion respectively.

Click on the attachment to read the full report:

Dolat Capital PI Industries Q4FY21 Result Update.pdf

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