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PI Industries' stock up by 10%

  • India Infoline News Service |
  • 09 Nov, 2022 |
  • 11:27 AM
In Wednesday's intraday trade, shares of PI Industries rose 8% and reached an all-time high of Rs3,554.25 after the business reported a robust 31% YoY revenue growth at Rs17,700 crore for the quarter ending September 2022. (Q2FY23). The CSM (exports) segment's outstanding performance drove higher revenue growth. At Rs334.80 crore, profit after tax increased 46% YoY.
At 9:40 a.m., PI Industries traded 7% higher at Rs3,536, outperforming the S&P BSE Sensex's 0.16% gain. On September 1, 2022, the stock of the pesticides and agrochemicals company reached a record high of Rs3,505. PI Industries has outpaced the market during the previous month by rising 17%, as opposed to the benchmark index's 5.4% increase.

Due to a positive product mix and operating leverage, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin increased by 284 basis points year over year (up 157 basis points quarter over quarter) to 24.4% during the quarter under review. With sustained improvement in margins and returns, the company is optimistic about generating sales growth of 20% or more in FY23.

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