PI Industries Q2 Results: Revenue, profit dips but beats subdued expectations

PI Industries reported results for the September quarter on Tuesday, November 11, after market closing hours, which were lower on a year-on-year basis for most parameters, but better than what was anticipated in a CNBC-TV18 poll.

Revenue for the quarter declined by 15.7% to ₹1,872.3 crore from the ₹2,221 crore it reported during the same quarter last year. A CNBC-TV18 poll had projected the figure to be ₹1,810.5 crore.

Net profit for the quarter stood at ₹409.3 crore, higher than the ₹358 crore expectation, but 19.4% below the ₹508.2 crore figure it reported during the same quarter last year.

PI Industries' Earnings Before Interest, Tax, Depreciation and Amortisation stood at ₹541.3 crore, 13.8% below the same quarter last year, but better than the ₹464.2 crore expectation from the CNBC-TV18 poll.

EBITDA margin expanded by 60 basis points to 28.9% from 28.3% last year due to lower finance costs.

Revenue for the company's Agro Chemical business declined to ₹1,809 crore from ₹2,179 crore last year. On the flip side, the Pharma business revenue increased to ₹63 crore from ₹41 crore.

Shares of PI Industries had ended 1.3% lower on Tuesday before the results were announced at ₹3,772.1. The stock has risen 6.5% in the last one month, as a result of which the stock also turned positive on a year-to-date basis.