PI Industries Q4FY23 PAT up 37.3% at Rs281 crore on 74 bps improvement in gross profit margins

PI Industries reported 12.21% higher revenues for the March 2023 quarter on consolidated basis at Rs1,566cr. Revenues were down -2.95% sequentially. For the quarter exports grew 15% despite 2% fall in volumes on favourable pricing and currency moves. Domestic volumes were up 2%, but price pressure was visible. Gross margins improved by 74 bps on favourable product mix. In Q4, PI generated Rs573 crore cash from operations.

Operating profits for the quarter as measured by EBITDA was up 12.6% yoy at Rs344 crore and this was largely driven by 74 bps improvement in the gross margins. EBITDA margins were higher by just 7 basis points on yoy basis. Board declared final dividend of Rs5.50 per share taking total dividend to Rs10 per share for FY23. Total Capex for FY23 stood at Rs339 crore, in line with estimate. FY23 working capital cycle down from 103 days to 79 days.

Financial highlights for Mar-23 compared yoy and sequentially

 PI Industries     

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 1,566

₹ 1,395

12.21%

₹ 1,613

-2.95%

Operating Profit (Rs cr)

₹ 344

₹ 306

12.57%

₹ 416

-17.23%

Net Profit (Rs cr)

₹ 281

₹ 204

37.28%

₹ 352

-20.24%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 18.50

₹ 13.48

 

₹ 23.20

 

OPM

21.97%

21.90%

 

25.76%

 

Net Margins

17.92%

14.65%

 

21.81%

 

 

Operating margins improved from 21.9% to 21.97% while net margins improved from 14.65% to 17.92% largely driven by a sharp bounce in other income which grew 2.5X yoy. For the full year FY23, the EBITDA margins improved by 223 bps while the net profits were up 46% yoy on strong demand from the agricultural segment.

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