India based agrochemical company, PI Industries Ltd posted a robust growth in its sales and profit during first quarter of the current 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.

 

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.

 

Exports increased ~23% YoY driven mainly by proactive raw material inventory management and capacity planning. 

 

Domestic revenues up by 76% YoY, contributed by carryover demand from Q4’FY20, Isagro brand sales and robust momentum in the domestic segment on planned brand positioning to avail advantage of early sowing. Contribution from recently acquired Isagro too has also added to growth during the quarter.

 

The company also successfully completed a Rs 2000 crore QIP recently, proceeds of which will be used for strategic growth initiatives both organic and inorganic. 

 

Seven new patent applications were filed during Q1FY21 including intermediary of Covid-19, said the company.

 

"I am glad that we have received an overwhelming response from the investor community, especially in the midst of ongoing disruptions posed by the pandemic. This showcases investors' trust in growth-oriented approach of PI Industries" said Mayank Singhal, Vice Chairman and MD, PI Industries.

 

On future outlook, 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. The company also plans to launch two new products in Q2/Q3 which are currently in R&D pipeline.