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PI Industries stock climbs to record high on strong Q1 earnings

Share price of PI Industries rose 7.34% intra day to fresh 52-week and all-time high of Rs 1,966 against previous close of Rs 1,831 on BSE

twitter-logoBusinessToday.In | August 5, 2020 | Updated 19:04 IST
PI Industries stock climbs to record high on strong Q1 earnings
PI Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

PI Industries share price scaled all-time high today after the firm reported a 43.21% rise net profit for quarter ended June. Share price of PI Industries rose 7.34% intra day to fresh 52-week and all-time high of Rs 1,966 against previous close of Rs 1,831 on BSE.

The stock opened with a gain of 6.79% at Rs 1956 today. PI Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 75.19% during last one year and risen 31% since the beginning of this year.

Market cap of the firm rose to Rs 28,767 crore on BSE.Total 0.17 lakh shares changed hands amounting to turnover of Rs 3.17 crore. The manufacturer of popular adhesive Fevicol reported a 43.21% rise in Q1 net profit to Rs 145.50 crore against Rs 101.60 crore net profit in the corresponding quarter of previous fiscal.

Sales climbed 40.58% to Rs 1060 crore in Q1 against sales of Rs 754.10 in corresponding quarter of 2019-2020.

Profit before tax (PBT) jumped 43% to  Rs 189.90 crore in Q1FY21 versus  Rs 132.80 crore in Q1FY20. EBITDA rose 55% to  Rs 236 crore in Q1 compared to Rs 153 crore in same quarter of the preceding fiscal.

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EBITDA margin improved to 22% in Q1FY21 as compared to 20% in Q1FY20. PI Industries EPS has increased to Rs 10.52 in June 2020 from Rs 7.35 in June 2019.

Jyoti Roy, DVP- Equity Strategist at Angel Broking said, "The management has highlighted that both domestic and export supplies have picked up pace with all manufacturing facilities being operational and capacity utilization building back to pre-COVID levels. Contribution from recently acquired Isagro too has also added to growth during the quarter.

The company has also successfully completed a Rs 2000 cr. QIP recently, proceeds of which will be used for strategic growth initiatives both organic and inorganic. A good monsoon bodes well for the domestic business while the export order book of $1.5 billion provides strong revenue visibility for the exports business. We remain positive on the future prospects of the company and PI Industries remains one of our top picks in the chemical space."

PI Industries Limited is engaged in the manufacturing and distribution of agro chemicals. Its geographical segments include sales within India and sales outside India. The company manufactures agrochemicals, plant nutrients and plant protection, specialty fertilisers and hybrid seeds.

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