#Piindustries Q3 Concall Highlights 🌱🧪
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Operational Highlights
1. Revenues stood at ₹1356 Cr, 17% growth YoY from ₹1162 Cr in Q3FY21
2. EBITDA grew by 8% YoY to ₹297 Cr
3. 19% growth in export business and 8% growth in domestic business
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Operational Highlights
1. Revenues stood at ₹1356 Cr, 17% growth YoY from ₹1162 Cr in Q3FY21
2. EBITDA grew by 8% YoY to ₹297 Cr
3. 19% growth in export business and 8% growth in domestic business
4. Overhead increased by 24% mainly attributed to increase in power and other utility cost
5. Hike in selling prices partially cover the incremental overheads and full impact to be reflected in next quarters
5. Hike in selling prices partially cover the incremental overheads and full impact to be reflected in next quarters
6. Gross margins stood at 46% and EBITDA margins at 22% for Q3FY22
7. Lower export incentives, partial cost pass through, etc. marginally impacted the gross margin despite favourable product mix
7. Lower export incentives, partial cost pass through, etc. marginally impacted the gross margin despite favourable product mix
8. Overheads increase of 24% is mainly attributable to sharp increase in fuel and related utilities, shipping cost and one‐time expenses
9. Maintained higher inventory levels of ₹1,355 crore compared to last year
9. Maintained higher inventory levels of ₹1,355 crore compared to last year
10. Q4 demand is expected to be good for insecticides, fungicides and bio‐nutrients owing to robust commodity prices and positive crop sentiments
11. Expecting substantial increase in volume for new products in 2-3 years
12. Contract manufacturing business is always working on cost benefit arbitrage so there is no pressure on manufacturing cost.
12. Contract manufacturing business is always working on cost benefit arbitrage so there is no pressure on manufacturing cost.
Client leads
1. Surge in new enquiries/products scale up driving the growth of CSM Export
2. 32 new enquiries received: More than 35% from non agchem space
3. 8 new customers were acquired during current fiscal
robust order book of ~$1.4 Bn
1. Surge in new enquiries/products scale up driving the growth of CSM Export
2. 32 new enquiries received: More than 35% from non agchem space
3. 8 new customers were acquired during current fiscal
robust order book of ~$1.4 Bn
Agri products launches
1. One new insecticide for rice and two specialty fungicide focused on horticulture and rice launched
2. Successful launch of 12 new products in horticulture segment
1. One new insecticide for rice and two specialty fungicide focused on horticulture and rice launched
2. Successful launch of 12 new products in horticulture segment
3. During Q3, received regulatory approval for 1 insecticide in cotton, 1 insecticide in rice, 1 specialty fungicide for horticulture
R&D
1. 4 new molecules commercialised and 3 more planned in Q4FY22
R&D
1. 4 new molecules commercialised and 3 more planned in Q4FY22
2. >40 products at different scale up stages of which more the 20% are non agrochemicals product
3. Continuous flow chemistry developed for 1 intermediate at pilot plant
4. Implemented technology to improve solvent recovery
3. Continuous flow chemistry developed for 1 intermediate at pilot plant
4. Implemented technology to improve solvent recovery
Expansions
1. 1 more Multi Product Plant (MPP) fully commissioned in Q3
2. New chemistry building block (MMH) commissioned in Q3
1. 1 more Multi Product Plant (MPP) fully commissioned in Q3
2. New chemistry building block (MMH) commissioned in Q3
3. Evaluating various M&A opportunities in India and globally
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