PI Industries slips nearly 5 per cent on weak numbers

PI Industries reported its results for the quarter ended March 31, 2018.

The company’s standalone revenue for the quarter came in at Rs. 625.1 crore as against Rs. 627 crore in the corresponding quarter last year. Its domestic business grew by 10.4 per cent while export growth was muted despite orders in hand due to delayed shipments.

EBITDA for the quarter fell by 12.3 per cent yoy to Rs. 134.69 crore with a corresponding margin contraction of 295 bps. EBITDA margin for the quarter stood at 21.5 per cent. This margin contraction was led by 23.2 per cent yoy jump in cost of materials. The PAT for the quarter came in at Rs. 105.42 crore, yoy decline of 22 per cent.

Looking at the full year numbers, we see that revenue slid by 3 per cent to reach Rs. 2,308.72 crore while EBITDA fell by 11 per cent to Rs. 492.07 crore. The company reported net profit of Rs. 366.55 crore, down 20 per cent yoy.

The Board of Directors have recommended a final dividend of Rs. 2.5 per share for the face value of Rs. 1 each.

On Wednesday, the stock opened at Rs. 841.20 per share, almost 1 per cent down from its previous close of Rs. 852.30, on the BSE. At 10:40 hours, the stock was trading at around Rs. 808 per share.