PI Industries Limited, India’s largest CRAMS company with majority revenue from patented products, Q2 FY23 revenue reached Rs. 1,770 crore, an increase of 31% over Q2 FY22 whereas profit reached Rs. 334.8 crore, an increase of 46% over Q2 FY22 attributable to EBITDA growth and despite higher depreciation and ETR.

The company achieved 29% growth in exports on a higher base led by volume growth of around 25%, favourable price and currency of around 4%. 36% growth in domestic mainly driven by volume growth of around 31% and price increase of around 5%. Favourable product mix and significant increase in operating leverage reflected in improvement in EBITDA margin to 24%.

Total capex for H1 FY23 is Rs. 120.4 crore (H1 FY22 of Rs. 161.4 crore) which is in line with the plan. Key focus of driving higher capacity utilization by improving throughput.

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 the company's long term strategy.