PI Industries - Q2FY21 First Cut - ICICI Securities

(CMP: Rs. 2111, MCap: Rs. 32027 crore)

Margins are better than estimates due to operating leverage.

Q2FY21 Earnings Summary

- PI Industries reported topline growth of 28% YoY to Rs. 1158 crore led by better performance from CSM business

- Better gross margins along with lower OPEX due to operating leverage expanded OPM by 310bps YoY to 24.2%, leading to EBITDA growth of 46% YoY to Rs. 280 crore

- Higher other income and lower taxes (17% v/s 27% in Q2FY20) improved bottom-line growth by 77% YoY to Rs. 218 crore

- The company generated CFO to the tune of Rs. 544 crore (14% of TTM sales) largely on the back of better operational performance and control on the working capital

We would be coming out with a detailed report soon.

Shares of PI Industries Ltd was last trading in BSE at Rs.2111.05 as compared to the previous close of Rs. 2142. The total number of shares traded during the day was 10734 in over 1431 trades.

The stock hit an intraday high of Rs. 2183.35 and intraday low of 2088.75. The net turnover during the day was Rs. 23149200.

Source : Equity Bulls

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