Agro-chemicals maker PI Industries Ltd on Wednesday (November 8) reported a 43.5% year-on-year (YoY) jump in net profit at ₹480.5 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, PI Industries posted a net profit of ₹335 crore, the company said in a regulatory filing. A CNBC-TV18 poll had predicted a profit of ₹410 crore for the quarter under review.

The company's revenue from operations increased 19.6% to ₹2,117 crore as against ₹1,770 crore in the corresponding period of the preceding fiscal. A CNBC-TV18 poll had predicted revenue of ₹2,148 crore for the quarter under review.

Also Read: Fevicol maker Pidilite Industries Q2 net profit beats estimates, climbs 36%

At the operating level, EBITDA jumped 27.7% to ₹551.5 crore in the second quarter of this fiscal over ₹431.9 crore in the corresponding period in the previous fiscal. The CNBC-TV18 poll had predicted an EBITDA of ₹520 crore for the quarter under review.

EBITDA margin stood at 26.1% in the reporting quarter as compared to 24.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization. The CNBC-TV18 poll had predicted a margin of 24.1% for the quarter under review.

PI Industries reported 22% growth in agchem exports driven by volume growth of 21% and 1% from price, currency, and favourable product mix. Pharma contributed export revenue of ₹71.9 crore i.e. 6% of total export revenue growth.

The domestic revenues were subdued with a reduction of 2% year-on-year due to the delayed and erratic spread of monsoon although favourable

product mix and improved working capital management helped contain the financial impact, it said. The Gross Margin improved to 47%, an improvement of 135 bps year-on-year mainly on account of a better product mix.

The results came after the close of the market hours. Shares of PI Industries Ltd ended at ₹3,575.85, up by ₹63.15, or 1.80%, on the BSE.

First Published:Nov 8, 2023 10:17 PM IST