PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Meeting / Con-call with Investors19-11-2019
19-11-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
Allotment of 77342 equity shares of Re.1/- each under ESOP Scheme.14-11-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Acquisition
Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 We wish to inform you that the Company along with its wholly owned subsidiary, PI Life Science Research Limited has executed a Share Purchase Agreement on November 04, 2019, to acquire 100% shareholding of Isagro (Asia) Agrochemicals Private Limited, from Isagro SpA (and its affiliate), a company incorporated in Italy, the promoter and existing shareholder of Isagro Asia.05-11-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Pursuant to Regulations 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the meetings with following Investors scheduled to be held as below: a. Meeting with Axis Capital on 6.11.2019 b. Meeting with William Blair & Company on 14.11.2019 c. Meeting with Generation Investment Mgt. LLP on 18.11.2019 d. Meeting with Highclere International Investors on 21.11.2019 e. Meeting with Macquarie Investment Management on 25.11.201905-11-2019
A strong September quarter suggests Pi Industries' business approach is paying off
by Suhani Adilabadkar Present end to end across the agrochemical value chain, from molecule discovery to farm products and solutions, PI Industries touched its new 52-week high of Rs. 1,436 on 24th October 2019, rising 7% after the September quarter result announcement. Quick Takes: PI Industries touched its new 52-week high rising 7% after the September quarter result announcement. Revenue jumped 26% YoY reported at Rs. 907 cr, operating profit jumped 43% YoY in Q2 FY20. PAT or net profit for the quarter stood at Rs. 123 cr compared to 94 cr in Q2 FY19 growing a robust 30% YoY. CSM exports accounting for about 70% of total revenues grew 52% YoY from Rs. 419 cr in Q2 FY19 to Rs. 639 cr in Q2 FY20. PI Industries is diversifying from pure agro-chemical into electronic chemicals, imaging chemicals and early intermediates in pharma space. Growth is being supported by current supply constraints in China, strong outsourcing deal pipeline with global innovators and recent ISAGRO Asia acquisition. Company Profile Headquartered at Gurgaon, Haryana, PI Industries dates back to 1946, slightly older than independent India. Since then, the company has come a long way and is currently one of the fastest growing, globally integrated and highly innovative agri sciences solution provider in India. Its wide spectrum of services offered are interwoven and spread across the entire value chain, ranging from research and development, product and application development, registration, manufacturing, marketing and distribution. Some of its popular brands are Nominee gold, Osheen, Biovita, Roket, Keefun, Vibrant, Elite, Kitazin and its recent launches Cosko & Fantom. PI Industries operates a strong manufacturing infrastructure encompassing 3 formulation facilities, 9 multi-product plants under its 3 manufacturing locations and R&D; facility at Udaipur, where it has a dedicated team of over 250 scientists and chemists. September Quarter FY20 saw double digit growth PI Industries reported robust double digit growth in the September quarter driven by robust CSM exports. Revenue jumped 26% YoY reported at Rs. 907 crore compared to Rs. 723 crore corresponding quarter previous year. Domestic revenues declined 12% YoY while CSM exports reported growth of 52% YoY in Q2 FY20. Operating profit stood at Rs. 192 crore rising 43% YoY for Q2FY20 against Rs. 135 crore the same period previous year. Operating margin came out at 21.2% against 18.6% in Q2FY19, expanding 253 bps YoY despite softness in the domestic market and ramp-up cost in new manufacturing facilities. PAT or net profit for the quarter stood at Rs. 123 crore compared to 94 crore in Q2FY19 growing a robust 30% YoY. The company stands debt free with a cash position of Rs. 171 crore as on 30th September 2019. Pi Industries has premium valuations in the agrichem space PI Industries has a unique standing in the market unlike its peers, with its differentiated business model giving it premium valuations in the agrochemical space. The company operates twin engines in its growth chariot to manage the unpredictable nature of the agrochemical industry. PI Industries is placed among the top five agrochemical distribution companies in India, its first growth engine and the second one, CSM exports or customer synthesis business with over 95% revenue from patented products. Global innovators focussing on the discovery of new molecules outsource process research and manufacturing to CSM players to shorten discovery to delivery duration with the aim to fight out high competitive intensity and maintain their market share in the global agrochemical industry. PI Industries, one of the leading CSM players in Asia, leverages its chemistry process research and manufacturing capabilities catering to such innovators and also partners in IP creation. On the other hand, domestic revenues are derived from marketing and distribution of the products of global corporations through its wide network armed with 10 zonal offices, 30 depots, 1500 experienced field force, 5,000 active dealers and more than 40,000 retailers spread across the country. This differentiated business model helps to maintain a stable revenue profile in spite of unpredictable weather patterns. Domestic revenues hinges on the performance of monsoons, changing crop patterns and high competition in domestic branded agrochemical market, while the CSM export business depends on global innovator growth outline which involves large capital outlay and long gestational periods. PI Industries diversified into the CSM business in 1996 and the export segment has since then assumed critical significance as 60% of Indian agriculture is still rain dependent making domestic agrochemical revenues unpredictable. After growing at a CAGR of 35% from FY14-17, growth faltered in FY17-18, a tough year for PI Industries as net annual PAT declined 20% YoY and revenue moved up negligibly at a 1.07% growth rate. Domestic market was impacted by residual effect of demonetization and GST transition and export performance was down on account of subdued global demand. Consequently, stock price suffered, touching a low of 700 levels in August 2017. Currently, the tide seems to be reversing with CSM exports driving growth for the past one and a half years. CSM exports grew 32% YoY in Q2FY19 followed by 40% YoY in the next two quarters and a robust 59% in Q1FY20. Clarifying on CSM exports growth, Mr Mayank Singhal, Chairman and MD, PI Industries said, “All these CSM products, even existing products, are early-stage molecules. So it's a very natural trend that one product when it is launched, it is launched in a couple of countries. And then gradually it is launched in several other countries’ year-on-year. That is precisely the reason that some of these existing products that we are doing, which are also the early-stage molecules, they are growing continuously year-on-year”. Currently accounting for about 70% of total revenues in Q2FY20, CSM exports grew 52% YoY from Rs. 419 cr in Q2FY19 to Rs. 639 cr in Q2FY20. Domestic revenues accounting for the balance 30% at Rs. 268 cr, declined 12% YoY impacted by erratic and delayed monsoons and higher trade inventory. Commenting on Q2FY20 results, Mr. Mayank Singhal said, “Last year, export growth was strong, 15-16% YoY, so we added capacity which is showing up in the numbers now”. On domestic business he added, “Rice, corn, fruits and vegetables are focus crops for us. Due to delayed monsoons, farmers resorted to shorter duration crops and then there was impact of heavy and erratic rainfall”. The management said that the company has not lost market share on the domestic front, though the liquidity position has been tight forcing them to be cautious on collections. Apart from the strong CSM exports, the company is diversifying from pure agro-chemical to other specialty chemicals, like electronic chemicals, imaging chemicals and early intermediates in pharma space. The new business currently accounts for about 10% of the R&D; pipeline on which management further added, “Development side will continue to be between 3 to 4 years. So it will still remain in single digit in the first half, shed some larger numbers in a span of over the next 5 to 7 years”. The company also has strong expansion plans with one plant ready to start production any time, one plant to be commissioned in Q4FY20 and plans to commission two more plants in FY21 with a capex plan of Rs. 4.5 bn spread across 2-3 years. PI Industries is set for a robust growth cycle driven by CSM export segment buoyed by strong R&D; investment over the years, supported by current supply constraints in China, strong outsourcing deal pipeline of global innovators and recent ISAGRO Asia acquisition. The management is confident of CAGR of 20% over the next 3 years. For investor community, this could be a company worth looking at for long term growth and sustainability.04-11-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Newspaper Publication
Newspaper advertisement of the Un-Audited Financial Results- September 30, 201925-10-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
Intimation on vesting of ESOP's under PII ESOP Scheme - 2011.23-10-2019
PI Industries Ltd - 523642 - Update On Key Managerial Personnel Under Regulation 30(5) Of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015.
Update on Key Managerial Personnel under Regulation 30(5) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.23-10-2019
PI Industries Ltd - 523642 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Press Release on Performance of the Company for the quarter and half year ended September 30, 2019.23-10-2019
PI Industries Ltd - 523642 - Un-Audited Financial Result For The Quarter And Half Year Ended September 30, 2019.
Un-audited Standalone & Consolidated Financial Results including statement of Assets & Liabilities, Cash Flow along with the Limited Review Report of PI Industries Limited for the quarter and half year ended September 30, 2019.23-10-2019