Shares of PI Industries have returned nearly 50 percent to investors in the last 1 year despite the weak market sentiment. Most analysts remain positive on the agri-chemical company's prospects with a 'buy' rating on the stock. The stock has largely remained immune from the adverse business impact of the COVID-19 pandemic.

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PI Industries stock today hit its 52-week high price of Rs 1,649.45 per share following its March quarter earnings results. It has surged over 69 percent from its 52-week low of Rs 973.70 per share.

For the March quarter, the company reported a 6 percent growth in consolidated revenue with 12 percent growth in exports compensating for a 12 percent decline in the domestic business.

It posted a 12 percent fall in net profit at Rs 110.7 crore for Q4 due to higher expenses but emphasised that there won't be any major impact of COVID-19 pandemic on its business.

PI Industries said it is confident of achieving 20 percent-plus growth in FY21 assuming gradual normalisation of COVID-19 curve.

It indicated that the outlook from global customers remains robust with no indication of changes in the demand forecast.

The management also said that that they have developed and scaled up

an advanced intermediate for a potential COVID-19 drug. Additionally, they have tied up with a few large pharma companies from India and Japan where supplies are expected to commence from 1QFY21.

For FY20, the company reported an increase in its consolidated net profit to Rs 456.6 crore from Rs 410.2 crore in the previous year.

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First Published:Jun 8, 2020 2:16 PM IST