PI Industries Ltd. has posted Q4 FY24 consolidated net profit of Rs 369.5 crore in the quarter-ended March, in comparison with Rs 280.6 crore in the year-ago period. Revenue for Q4 FY24 was higher at Rs. 1,741 crore as compared to Rs. 1,565.6 crore in Q4 FY23.  

During Q4 FY24, PI Industries has registered 9 per cent growth in agchem exports mainly driven by volumes and new products. Pharma contributed exports revenue of Rs. 71.5 crore i.e. ~5% of total exports revenue growth.

Meanwhile, domestic revenues were subdued with reduction of ~5% Y-o-Y mainly due to volume drop of 6% driven by delayed and erratic spread of monsoon although favourable product mix and improved working capital management helped in containing the financial impact. Biologicals products’ revenue increased by ~35% Y-o-Y.

Gross Margin and EBITDA improved mainly on account of favorable product mix and operating leverage.  Overheads increase attributable to the newly acquired Pharma businesses (~17%) and balance (~21%) to scale-up of exports and promotion expenses for the launch of the new products. Cash flow from operating activities increased 15% to Rs. 879.8 crore (Q4FY23 Rs. 762.1 crore).

The Board has considered Final dividend for FY23-24 of Rs 9 per share.

For the Financial Year ended March 31, 2024, PI Industries has reported 18 per cent growth in its revenue at Rs. 7,665.8 crore as compared to Rs. 6,492 in Financial Year ended March 31, 2023. 

During FY 2024, the company posted net profit of 1,681.5 crore as compared to Rs. 1,229.5 crore, reflecting a growth of 37 per cent.

During FY 2023-24, PI Industries reported 19 per cent growth in agchem exports over a high base mainly on account of scale-up of existing products and introduction of 6 new products.

Growth comprises volume growth of ~18 per cent and ~1 per cent from price, currency and favourable product mix. 70%+ of revenue growth came from new products.

Newly acquired Pharma1 contributed to remaining exports revenue of Rs. 314.9 crore i.e. ~6 per cent of total exports revenue growth.

Domestic segment remained subdued due to erratic monsoon and El Niño conditions which led to long dry spells impacting insecticide and herbicide sales in certain geographies. Biologicals products’ revenue increased by ~29 per cent Y-o-Y.

Overheads increase attributable to the newly acquired Pharma businesses (~16%) and scale-up of Exports (~14%). Overall favorable product mix and operating leverage reflected in improvement in EBITDA margin to 26%. Net profit improved by 37 per cent Y-o-Y attributable to EBITDA growth, low ETR.

Cash flow from operating activities increased ~16 per cent to Rs. 2,035.9 crore (FY23 Rs. 1757.2 crore).

Highlights FY24

▪ Net fixed asset increase by Rs. 790.2 crore -o-Y.

▪ Total capex for FY24 is Rs. 1082.3 crore including Pharma acquired assets of Rs 497.2 crore. The capex excluding this addition is Rs. 585.1 crore (FY23 Rs. 338.5 crore).

▪ Trade working capital in terms of Days of Sales improved to 59 days as on 31-March-24 vs. 79 days as on 31-March-23.

▪ Inventory levels of Rs. 1301.2 crore, reduced in terms of Days of Sales from 79 days as on 31-March-23 to 62 days.

▪ Free Cash flow increased 20% to Rs. 1415.2 crore (FY23 Rs. 1175 crore).

▪ Surplus cash net of debt is Rs. 3882.5 crore.