PI Industries jumps 7% post Q1 earnings, hits 52-week high1 min read . Updated: 05 Aug 2020, 02:44 PM IST
- Net Sales rose 40.60% to ₹1,060.10 crore in Q1 June 2020 from ₹754.10 crore in Q1 June 2019
- Profit before tax jumped 43% to ₹189.90 crore in Q1FY21 versus ₹132.80 crore in Q1FY20
MUMBAI : Shares of PI Industries rose as much as 7.34% to an all-time high of ₹1966 on Wednesday after the company reported 43.2% jump in its consolidated net profit to ₹145.50 crore for the quarter ended 30 June.
The company had reported a profit of ₹101.60 crore during the same quarter of previous fiscal.
At 02:35 pm, shares of PI Industries were trading at ₹1902.65 apiece on the BSE, up nearly 4% from its previous close, while the benchmark Sensex was flat at 37,743.02 points.
Net Sales rose 40.60% to ₹1,060.10 crore in Q1 June 2020 from ₹754.10 crore in Q1 June 2019. Profit before tax (PBT) jumped 43% to ₹189.90 crore in Q1FY21 versus ₹132.80 crore in Q1FY20.
EBITDA surged 55% to ₹236 crore in in the period under review from ₹153 crore in same quarter of the preceding fiscal. EBITDA margin improved to 22% in Q1FY21 as compared to 20% in Q1FY20.
Analysts at Angel Broking Ltd in a result review said "PI industries reported a good set of numbers and the management highlighted that both domestic and export supplies have picked up pace and capacity utilization building back to pre-covid levels. With the export order book of $ 1.5 billion provides strong revenue visibility for the exports business it remains one of our top picks in the chemical space."
The company raised ₹2,000 crore in July 2020 through Qualified Institutional Placement (QIP) of equity shares. Increase in operating cash flow help to continue strategic initiatives. Net working capital to sales improved in the quarter despite covid-19 disruption and resultant liquidity challenges in the markets.
PI Industries manufactures agricultural and fine chemicals, and polymers. The company produces fine chemicals, crop protection, plant nutrients, and seeds, and engineering plastics for use in the automobile, electrical, and home appliances industries.