PI Industries Q4 Review - Next Growth Phase To Emanate From Pharma Venture: ICICI Direct
A technician conducts a test on a sample inside the laboratory (Photographer: Sanjit Das/Bloomberg)

PI Industries Q4 Review - Next Growth Phase To Emanate From Pharma Venture: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Direct PI Industries Q4FY21 Result Update.pdf

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