Revenue from operations grew 4.91% YoY to Rs 2,221 crore in the quarter ended 30 September 2024.
Domestic revenues showed a subdued performance, declining by approximately 5% YoY due to reduced supply to institutional customers. However, revenue from branded products grew by around 7% YoY, driven by a 12% increase in volume, though partially offset by a 5% decline in prices. The growth in the company's biologicals products was a key driver, with revenue increasing by approximately 18% YoY.
Agchem exports saw a growth of approximately 10%, primarily driven by volume growth. The performance of new products was a key contributor, with revenue from new products growing by around 42% YoY.
Pharma exports contributed Rs 411 million to the total export revenue, accounting for approximately 2% of the overall exports.
The firm’s overheads increased attributable to the scale-up of exports and promotion expenses for the launch of new products, which rose by approximately 14%, as well as the growth in the pharma business, which contributed to a 6% increase in overhead costs.
EBITDA improved by 14% to Rs 6,289 crore in Q2 FY25 from Rs 5,534 crore in same quarter last year. EBITDA margin increased to 28% in Q2 FY25 as against 26% recorded in Q2 FY24.
Gross Margin improved to 52%, an improvement of around 519 bps YoY mainly on account of better product mix and operative leverage.
On half year basis, the company’s consolidated net profit jumped 10.84% to Rs 957 crore in H1 FY25 as compared to Rs 863.4 crore recorded in H1 FY24. However revenue from operations grew 6.25% YoY to Rs 4,289.9 crore in H1 FY25.
PI Industries operates in the domestic agricultural inputs and custom synthesis manufacturing (CSM) exports segments. It is a leading player in the domestic agricultural inputs sector, primarily dealing in agrochemicals and plant nutrients.
The scrip fell 5.35% to Rs 4,210.95 on the BSE.