PI Industries Limited — Updates, 13-11-2024: Press Release

PI Industries delivered a solid performance for Q2 FY25, with revenue of ₹22,210 million, reflecting a 5% year-on-year growth supported by a robust recovery in exports, which saw about 10% growth driven by volume and new product offerings. Notably, the company commercialized four new products in both export and domestic agri brands, contributing to a significant 42% year-over-year expansion in new products. Domestic revenues faced a slight dip of 5% due to reduced institutional supply, while branded product revenue grew by 7%.

Gross margins improved to 52%, up by 519 bps, thanks to a favorable product mix. Overheads increased mainly due to scaling up exports and related promotion expenses. Despite an uptick in effective tax rates, net profit grew by 6% year-on-year to ₹5,082 million.

Looking ahead, PI Industries plans to capitalize on its pipeline of innovative products while navigating price pressures from generics. The acquisition of Plant Health Care enhances its capabilities in biologicals, further expanding growth avenues. Overall, the outlook remains positive with expectations for continued momentum in new product launches and export growth.