Strong performance despite macro headwinds

Company
11 Mar 2024
5 Min read 
  • PI Industries reported strong revenue growth in 3QFY24, driven by healthy growth in the CSM business and incremental revenue from the Pharma business.
  •  EBITDA grew 33% YoY in 3QFY24, but included a one-time impact of a recovery of theft materials.
  •  The company expects to end FY24 at the lower end of its revenue growth guidance of 18-20%.
  •  PI Industries has levers in place to sustain near-term growth, including consistent growth in the CSM business and product launches in the domestic market.
  •  The company plans to invest INR6-8b annually for capacity expansion and expects to commercialize 4-5 products every year.
  •  The management has maintained its revenue growth guidance of 18-20% p.a. and expects EBITDA margins to be in the range of 25-26%.
  •  The stock has a BUY rating with a target price of INR4,350.
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