PI Industries gains after Q1 PAT spurts 40% YoY to Rs 262 cr

4 Aug 2022 , 12:33 PM

Exports grew by 42% on a high base while domestic revenues rose 4% in Q1 FY23 over Q1 FY22. Consolidated profit before tax stood at Rs 314 crore in Q1 FY23, up 37.9% to Rs 227.70 crore recorded in the corresponding quarter previous year. During the quarter, cost of raw materials consumed rose 8.78% to Rs 868.8 crore and employee benefits expense added 4.71 % to Rs 124.6 crore. EBITDA improved by 39% to Rs 349.5 crore in Q1 FY23 from Rs 252.1 crore posted in Q1 FY22. EBITDA margin increased to 23% in the first quarter as compared to 21% reported in the same period last year. Overheads jumped 21% to Rs 331 crore in Q1 FY23 as against Rs 273.5 crore recorded in Q1 FY22. The rise in overheads was mainly attributable to sharp increase in power and fuel, freight cost and sales promotion expenses on account of launch of new products. ?Trend of rising input costs continued?. cost passthrough continued both in exports and domestic during Q1,? PI Industries said in a statement. The companys total capex stood at Rs 50.6 crore in Q1FY23. PI Industries manufactures agricultural and fine chemicals and polymers. Powered by Capital Market – Live News