Earnings Review
PI Industries PAT rises 20% on year, beats Street estimates
This story was originally published at 20:01 IST on 13 November 2024
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Informist, Wednesday, Nov. 13, 2024
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--PI Ind Jul-Sept net profit INR 5.59 bln
--Analysts saw PI Ind Jul-Sept net profit INR 4.82 bln
--PI Ind Jul-Sept net profit INR 5.59 bln vs INR 4.65 bln year ago
--PI Ind Jul-Sept revenue INR 21.31 bln vs INR 19.69 bln year ago
--PI Ind Apr-Sept net profit INR 10.57 bln vs INR 8.60 bln year ago
--PI Ind Apr-Sept revenue INR 41.43 bln vs INR 37.98 bln year ago
By Ketan Barot
MUMBAI – Agro-chemical and specialty chemical company PI Industries Ltd. beat the Street's estimates on net profit for the September quarter but missed those on the revenue front. The company reported a net profit of INR 5.59 billion for the September quarter, up 20.2% from INR 4.65 billion a year ago. This was the slowest rate of growth in the last 10 quarters. Analysts had estimated a net profit of INR 4.82 billion.
The company reported revenues of INR 21.31 billion for the September quarter, up 8.3% from INR 19.69 billion in the same period a year ago. Analysts had estimated revenues at INR 22.91 billion. The other income was up 61.3% on year at INR 905 million in the September quarter from INR 561 million. The company's total income was INR 22.22 billion in the September quarter, up 9.7% from INR 20.25 billion a year ago.
The company's total expenses for the September quarter were INR 15.14 billion, up from INR 14.80 billion a year ago. The compa
\]-0ny incurred a cost of INR 9.18 billion for the materials consumed in the September quarter, up 5% on year from INR 8.74 billion. The cost of materials consumed was the highest in five quarters. The cost incurred by the company for employee benefits was INR 1.50 billion in the September quarter, up 11.6% on year from INR 1.35 billion. The employee benefit expenses fell 7.7% sequentially.
The company's other expenses were INR 2.55 billion in the September quarter, up 15.5% from INR 2.21 billion a year ago, while changes in inventories fell 13.6% on year to INR 833 million from INR 964 million a year ago. Changes in inventories were down 33.25% sequentially.
For Apr-Sept, the company reported a net profit of INR 10.57 billion, up 23% on year from INR 8.60 billion a year ago, while the revenue was INR 41.43 billion, up 9% from INR 37.98 billion a year ago.
The company raised INR 20 billion through qualified institutional placement of shares in the September quarter. Out of the amount raised, the company said it had invested INR 14.79 billion in its subsidiaries and invested INR 4.96 billion in liquid and other debt mutual funds. Wednesday, shares of the company closed at INR 4,446.15 on the National Stock Exchange, down 2.3%. End
Edited by Deepshikha Bhardwaj
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