PI Industries has posted a whooping 77 per cent jump in its net profit to Rs 218 for Q2 FY 2021 compared to Rs 123 crores for Q2FY2020. The jump in profit is due to the fact that PI Industries witnessed 25 per cdbt increase in exports and 33 per cent rise in domestic revenue. “Q2 Exports increase ~25% YoY with proactive raw material inventory management and precise capacity planning, scaling up exports. Demand for key commercialised molecules remains strong. ü Domestic Revenues increase by 33%, with additional contribution from Isagro brand sales and moderate growth in the domestic segment,” the company said in a press release submitted to BSE. Moreover, the Covid-19 disruption to operations and movement of goods impacted the company in a limited manner with all manufacturing facilities operational and capacity utilisation building back to pre-Covid levels, it said. “Net profit surge with higher momentum in topline , depreciation inline with capacities added increased from Rs 32 crores to Rs 43 crores,” the release reads.

For the H1FY21, the company registered a net profit of Rs 363 crores compared to Rs 225 crores during the corresponding period previous year. “Net profit surge with higher momentum in topline , depreciation inline with capacities added increased from Rs 61 crores to Rs 86 crores,” the company said.

During the H1FY21, the company faced limited Covid-19 disruption to operations and movement of goods with all manufacturing facilities operational and capacity utilisation building back to pre-Covid levels. “H1 Exports increased ~24% YoY despite disrupted global supply chain, proactive raw material inventory management and precise capacity planning scaling up exports. Demand for key commercialised molecules remains strong. ü Domestic up by 54%, inclusive of Isagro brand sales with and robust momentum in the domestic segment on planned brand positioning,” the company said.

The H1FY21 also saw PI Industries filing 18 new patent application including intermediaries of Covid-19. The company continued to supply pharma intermediates on commercial scale with more than 10+ pharma products at various development stages in R&D,” it said.

As far as outlook is concerned, PI Industries is quite bullish and confident of chieving 20% plus growth in FY21. The company feels that there is a good outlook for Rabi crops as reservoirs are full as well as robust demand for branded products to drive growth.