PI Industries Q4 Review - Next Growth Phase To Emanate From Pharma Venture: ICICI Direct
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ICICI Direct Report
PI Industries Ltd. reported topline growth of 40% YoY to Rs 1,197 crore against our estimate of Rs 1,185 crore.
Growth was led by the custom synthesis manufacturing business, up 47% YoY to Rs 1,006 crore.
Revenue from domestic agri input was up 11% YoY to Rs 191 crore, largely driven by Isagro (up 52% YoY).
Revenue from domestic branded formulation fell 11% YoY to Rs 100 crore.
Change in the product mix and removal of Merchandise Exports From India Scheme benefits affected gross margins, which was down 469 basis points YoY to 42.1%, translating into a below expected operational performance for the quarter.
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