Capitaline

Results 10-Feb-24

Analysis

P I Industries

NP up 28%

P I Industries consolidated net sales increased 17.62% to Rs 1897.5 crore in Q3FY24 compared to Q3FY24. Sales of Chemicals segment has gone up 9.73% to Rs 1,770.20 crore (accounting for 93.29% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 31.38% to Rs 525.80 crore. PBIT of Chemicals segment rose 34.38% to Rs 544.10 crore (accounting for 103.48% of total PBIT). PBIT of Pharma segment fell 289.36% to Rs -18.30 crore (accounting for -3.48% of total PBIT).

PBIT margin of Chemicals segment rose from 25.10% to 30.74%. Overall PBIT margin rose from 24.81% to 27.71%.

Operating profit margin has jumped from 25.73% to 29.18%, leading to 33.37% rise in operating profit to Rs 553.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.33% to 42.42%. Employee cost increased from 8.65% to 10.10%. Other expenses rose from 13.78% to 15.07%.

Other income rose 11.75% to Rs 56.1 crore. PBIDT rose 31.03% to Rs 609.7 crore. Provision for interest fell 21.35% to Rs 7 crore.

PBDT rose 32.06% to Rs 602.7 crore. Provision for depreciation rose 38.10% to Rs 78.3 crore.

Profit before tax grew 31.20% to Rs 524.40 crore. Share of profit/loss was 180% higher at Rs 1.4 crore. Provision for tax was expense of Rs 77.2 crore, compared to Rs 48.4 crore. Effective tax rate was 14.68% compared to 12.09%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 27.52% to Rs 448.60 crore.

Promoters’ stake was 46.09% as of 31 December 2023 ,compared to 46.09% as of 31 December 2022 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of P I Industries has increased 20.27% to Rs 5924.8 crore.

Operating profit margin has jumped from 24.34% to 26.55%, leading to 31.14% rise in operating profit to Rs 1,572.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 51.95% to 46.69%. Purchase of finished goods cost rose from 3.08% to 3.85%. Employee cost increased from 7.88% to 8.95%. Other expenses rose from 12.99% to 13.60%.

Other income rose 36.89% to Rs 149.9 crore. PBIDT rose 31.62% to Rs 1722.7 crore. Provision for interest fell 43.49% to Rs 19.1 crore.

PBDT rose 33.62% to Rs 1703.6 crore. Provision for depreciation rose 35.33% to Rs 228.3 crore.

Profit before tax grew 33.35% to Rs 1,475.30 crore. Share of profit/loss was 44.64% higher at Rs 8.1 crore. Provision for tax was expense of Rs 171.4 crore, compared to Rs 162.9 crore. Effective tax rate was 11.55% compared to 14.65%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 38.25% to Rs 1,312.00 crore.

Promoters’ stake was 46.09% as of 31 December 2023 ,compared to 46.09% as of 31 December 2022 .

The scrip is currently trading at Rs 3487

P I Industries : Consolidated Results
Particulars	2312 (03)	2212 (03)	Var.(%)	2312 (09)	2212 (09)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	1,897.50	1,613.20	18	5,924.80	4,926.40	20	6,492.00	5,299.50	23
OPM (%)	29.18	25.73		26.55	24.34		23.75	21.56
OP	553.6	415.1	33	1,572.80	1,199.30	31	1,542.10	1,142.40	35
Other Inc.	56.1	50.2	12	149.9	109.5	37	159	101.4	57
PBIDT	609.7	465.3	31	1,722.70	1,308.80	32	1,701.10	1,243.80	37
Interest	7	8.9	-21	19.1	33.8	-43	37.1	12.8	190
PBDT	602.7	456.4	32	1,703.60	1,275.00	34	1,664.00	1,231.00	35
Depreciation	78.3	56.7	38	228.3	168.7	35	226.5	201.8	12
PBT	524.4	399.7	31	1475.3	1106.3	33	1437.5	1029.2	40
Share of Profit/(Loss) from Associates	1.4	0.5	180	8.1	5.6	45	6.8	3.6	89
PBT before EO	525.8	400.2	31	1483.4	1111.9	33	1444.3	1032.8	40
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	525.8	400.2	31	1483.4	1111.9	33	1444.3	1032.8	40
Taxation	77.2	48.4	60	171.4	162.9	5	214.8	189	14
PAT	448.6	351.8	28	1312	949	38	1229.5	843.8	46
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	448.6	351.8	28	1312	949	38	1229.5	843.8	46
EPS (Rs)*	#	#		#	#		81.04	55.62
Notes
* EPS is on current equity of Rs 15.17 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

P I Industries : Consolidated Segment Results
	% of (Total)	2312 (03)	2212 (03)	Var.(%)	% of (Total)	2312 (09)	2212 (09)	Var.(%)
Sales
Chemicals	99	1,770.20	1,613.20	10	100	5,681.40	4,926.40	15
Pharma	1	12.73	0	-	0	24.34
Total Reported Sales	100	1,782.93	1,613.20	11	100	5,705.74	4,926.40	16
PBT
Chemicals	103	544.1	404.9	34	105	1554.8	1119.2	39
Pharma	-3	-18.3	-4.7	289	-5	-71.4	-7.3	878
PBT	100	525.8	400.2	31	100	1483.4	1111.9	33

Previous News

PI Inds appoints Sanjay Agarwal as group CFO
( Hot Pursuit - 27-Aug-24 08:56 )

Stock Alert: Ultratech Cement, PI Industries, Medi Asset Healthcare, HCL Tech, Lemon Tree Hotels
( Market Commentary - Stock Alert 27-Aug-24 08:17 )

P I Industries completes acquisition of UK based Plant Health Care Plc
( Corporate News - 20-Aug-24 18:36 )

P I Industries
( Results - Analysis 07-Aug-24 14:16 )

PI Inds rises on reporting good Q1 performance
( Hot Pursuit - 07-Aug-24 12:45 )

P I Industries consolidated net profit rises 17.21% in the June 2024 quarter
( Results - Announcements 07-Aug-24 07:33 )

PI Industries to declare Quarterly Result
( Corporate News - 25-Jul-24 18:03 )

P I Industries incorporates WoS in name of PI Industries Management Consultancies LLC
( Corporate News - 27-Jun-24 19:00 )

PI Inds gains after board nod to acquire Plant Health Care Plc
( Hot Pursuit - 27-Jun-24 15:42 )

P I Industries
( Results - Analysis 22-May-24 15:37 )

PI Industries to convene AGM
( Corporate News - 22-May-24 17:47 )