PI has posted press release for Dec 31, 2015 earnings:
Net Profit for 9M Fy16 increased by 8% with domestic agri business contributing 3% and CSM business contributing 11% upside.
Q3 CSM growth was 9% which was moderated due to deferred procurement schedules from global customers - this is same as Q2. We'll need to see what management has to say why it was deferred in this quarter as well.
Margins improved by 194 bps for 9M FY16 and 188 bps for Q3 FY16 - due to better mix of products and increased contribution of CSM.
Management, in their outlook mentioned about challenging environment however growth should be continuing from Jambusar plant.
We'll need more details on utilization, order book growth for CSM, hopefully in the concall.