PI Industries Q3 2022 Concall Highlights

Operational Highlights

  • Revenues stood at ₹1356 Cr, 17% growth YoY from ₹1162 Cr in Q3FY21
  • EBITDA grew by 8% YoY to ₹297 Cr
  • 19% growth in export business and 8% growth in domestic business
  • Overhead increased by 24% mainly attributed to increase in power and other utility cost
  • Hike in selling prices partially cover the incremental overheads and full impact to be reflected in next quarters
  • Gross margins stood at 46% and EBITDA margins at 22% for Q3FY22
  • Lower export incentives, partial cost pass through, etc. marginally impacted the gross margin despite favourable product mix
  • Overheads increase of 24% is mainly attributable to sharp increase in fuel and related utilities, shipping cost and one‐time expenses
  • Maintained higher inventory levels of ₹1,355 crore compared to last year
  • Q4 demand is expected to be good for insecticides, fungicides and bio‐nutrients owing to robust commodity prices and positive crop sentiments
  • One new process innovation to be commercialised in Q4.
  •  Expecting substantial increase in volume for new products in 2-3 years
  • Contract  manufacturing business is always working on cost benefit arbitrage so there is no pressure on manufacturing cost.

Client leads

  • Surge in new enquiries/products scale up driving the growth of CSM Export
  •  32 new enquiries received: More than 35% from non agchem space
  •  8 new customers were acquired during current fiscal
  • robust order book of ~$1.4 Bn

Agri  products launches

  •  One new insecticide for rice and two specialty fungicide focused on horticulture and rice launched
  • Successful launch of 12 new products in horticulture segment
  • During Q3, received regulatory approval for 1 insecticide in cotton, 1 insecticide in rice, 1 specialty fungicide for horticulture

R&D

  •  4 new molecules commercialised and  3 more planned in Q4FY22
  • >40 products at different scale up stages of which more the 20% are non agrochemicals product
  • Continuous flow chemistry developed for 1 intermediate at pilot plant 
  • Implemented technology to improve solvent recovery

Expansions

    • 1 more Multi Product Plant (MPP) fully commissioned in Q3
    • New chemistry building block (MMH) commissioned in Q3
    • Overhead increased by 24% mainly attributed to increase in power and other utility cost
    • Evaluating various M&A opportunities in India and globally

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