Press Release rgdg. Q3FY12 Results issued :
**
PIâs 9M FY2012 EBITDA grows strongly at 40%
EBITDA grows strongly at 40%
Agri-Input shows solid growth of 30% YoY
Custom Synthesis scales-up along expected lines, revenues up 65% YoY
New Delhi, February 12, 2012: PI Industries Limited (PI), a leading Indian Agri-Input and Custom
Synthesis company today announced its financial results for the third quarter ended December 31,
-
**PI Industries Limited (PI), a leading Indian Agri-Input and Custom
Synthesis company today announced its financial results for the third quarter ended December 31,
-
**
Financial Highlights for the nine-months ended 31st December, 2011
(Compared to 9M FY11; which includes results of Polymer Compounding business)
st December, 2011
(Compared to 9M FY11; which includes results of Polymer Compounding business)
Net Revenue
**
Net Revenue stood at Rs. 6418.2 million, up 26.8% (~41% YoY without Polymer Compounding
revenue); Agri-Input saw growth of 30% whereas Custom Synthesis grew by 65%. Growth in the
Agri-Input business is ahead of the sector growth rate while the Custom Synthesis business
continues to deliver strong revenue momentum.
**
EBITDA
**
EBITDA was at Rs. 1,106.4 million, up 40%. Margins saw 160 bps expansion to 17.2% given the
robust all-round performance.
**
Pre-tax Earnings
**
Profit Before Tax at Rs. 1,080.5 million with an increase of 81.3% and considering the effect of:
ï* Pre-tax gain of ~Rs. 303 million on sale of the Companyâs Polymer business to Rhodia SA in the
beginning of current fiscal.
Pre-tax gain of ~Rs. 303 million on sale of the Companyâs Polymer business to Rhodia SA in the
beginning of current fiscal.
ï* Exchange Fluctuation Loss of Rs. 64.7 million as compared to Exchange Fluctuation Gain of Rs.
47 million in the same period last year.
Exchange Fluctuation Loss of Rs. 64.7 million as compared to Exchange Fluctuation Gain of Rs.
47 million in the same period last year.
**
Post-tax Earnings
**
The Net Profit including exceptional gains was at Rs. 787.6 million, up 80.1%. The Basic EPS
increased to Rs. 31.65 per share against Rs. 19.6 per share last year.
**
Financial Highlights for the quarter ended 31st December, 2011
(Compared to Q3 FY11; which includes results of Polymer Compounding business)
st December, 2011
(Compared to Q3 FY11; which includes results of Polymer Compounding business)
Net Revenue
**
Net Revenue was stable at Rs. 1,902.1 million (~11% growth YoY without Polymer Compounding
revenue); Agri-Inputs showed 16% increase in Revenues to Rs. 1,022 million despite the inclement
conditions in the Rabi season where deficiency in the N-E monsoon affected the regular cropping
pattern. The contribution from Custom Synthesis was Rs. 880 million; 5% increase on higher base of
last year.
**
EBITDA
**
EBITDA was at Rs. 307.1 million and showed 18.3% growth with a margin improvement of 250 bps
to 16.2%.
**
Pre-tax Earnings
**
Profit Before Tax at Rs. 160 million considers the effect of:
ï* Exchange Fluctuation Loss of Rs. 64.6 million, which includes Unrealized Foreign Exchange
fluctuation loss of Rs. 58.5 million (net basis) arising out of the restatement of foreign currency
exposure on the reporting date. Against this, there was a Exchange Fluctuation Gain of Rs. 39
million in the same period last year.
Exchange Fluctuation Loss of Rs. 64.6 million, which includes Unrealized Foreign Exchange
fluctuation loss of Rs. 58.5 million (net basis) arising out of the restatement of foreign currency
exposure on the reporting date. Against this, there was a Exchange Fluctuation Gain of Rs. 39
million in the same period last year.
**
Post-tax Earnings
**
The Net Profit was at Rs. 114.4 million with a Basic EPS of Rs. 4.60 per share.
**
Commenting on the performance Mr. Mayank Singhal, Managing Director & CEO, PI Industries
Ltd., said;
**_
âWe have reported a revenue growth of ~11% during the quarter after excluding the contribution of
the Polymer Compounding business which we divested in the beginning of the year. Despite the
adverse impact of the erratic N-E monsoon on the domestic business, we have continued with a
good pace of growth. We are constantly identifying products, which can be placed in the niche
areas to fuel the future growth. We have a few exciting product launches ahead of us.
In Custom Synthesis we have shown strong growth in revenues on account of ramp up of existing
products. We are also commercializing new products in the next few quarters which will further
enhance our growth trajectory.â
We have reported a revenue growth of ~11% during the quarter after excluding the contribution of
the Polymer Compounding business which we divested in the beginning of the year. Despite the
adverse impact of the erratic N-E monsoon on the domestic business, we have continued with a
good pace of growth. We are constantly identifying products, which can be placed in the niche
areas to fuel the future growth. We have a few exciting product launches ahead of us.
In Custom Synthesis we have shown strong growth in revenues on account of ramp up of existing
products. We are also commercializing new products in the next few quarters which will further
enhance our growth trajectory.â
.â
**
Outlook
**
ï* Agri-Input business in the long-term remains very strong, may see some moderation in the
immediate term:
Agri-Input business in the long-term remains very strong, may see some moderation in the
immediate term:
ï* The Rabi season is off to a subdued start given the erratic nature of the N-E
monsoon. However PI continues to show growth based on its strong line-up of
products
The Rabi season is off to a subdued start given the erratic nature of the N-E
monsoon. However PI continues to show growth based on its strong line-up of
products
ï* PIâs relationships with innovators and its strengths in product development,
registration and product trial remains key to sustained growth. Forthcoming Kharif
season to see introduction of some new products
PIâs relationships with innovators and its strengths in product development,
registration and product trial remains key to sustained growth. Forthcoming Kharif
season to see introduction of some new products
ï* Custom Synthesis to see healthy growth in revenue and margins based on:
Custom Synthesis to see healthy growth in revenue and margins based on:
ï* Robust order book position
Robust order book position
ï* Portfolio of early stage patented molecules which are expected
Portfolio of early stage patented molecules which are expected
ï* Progressive build-up in existing commercialized molecules
Progressive build-up in existing commercialized molecules
ï* Enhancement of manufacturing facilities
Enhancement of manufacturing facilities_
