The company recorded 29% growth in exports on a higher base, led by volume growth of approximately 25%, favorable price and currency of approximately 4%. Domestic business registered 36% YoY growth, mainly driven by volume growth of approximately 31% and price increase of approximately 5%. Newly launched brands contributed to significant revenue growth,? the company said. Overheads increased by 16% to Rs 368.4 crore in Q2 FY23 from Rs 317.9 crore in Q2 FY22. Gross margin in the second quarter remained stable at 45%. The company further added that the trend of rising input costs and passthrough continued both in exports and domestic businesses during Q2 FY23. EBITDA in Q2 FY23 was Rs 291.5 crore, up by 49% from Rs 433.1 crore in Q2 FY22. EBITDA margin improved to 24% in Q2 FY23 from 22% in Q2 FY22, mainly on account of favorable product mix and operating leverage. The companys total capex for H1 FY23 was Rs 120.4 crore as against Rs 161.4 crore in H1 FY22. It maintained higher inventory levels of Rs 1,609.5 crore in order to avert supply chain disruptions and meet customer supply schedules / continued operations. Trade working capital in terms of days of sales was 111 days in H1 FY23 as compared with 103 days as on 31 March 2022. Net cashflow from operating activities was Rs 307.8 crore as against Rs 182.2 crore in H1 FY22. Surplus cash net of debt is Rs 2,321.1 crore. Focused efforts are continuing to identify and finalise value accretive inorganic growth opportunities in line with companys long-term strategy,? the company said in a statement. PI Industries operates in the domestic agricultural inputs and custom synthesis manufacturing (CSM) exports segments. It is a leading player in the domestic agricultural inputs sector, primarily dealing in agrochemicals and plant nutrients. In the CSM exports segment, its business interests include dealing in custom synthesis and contract manufacturing of chemicals, which constitutes techno-commercial evaluation of chemical processes, process development, lab and pilot scale-up, as well as commercial production. Powered by Capital Market – Live News
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