PI Industries Q4 Review - All Eyes On Inorganic Aspirations: Dolat Capital

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Dolat Capital Report

PI Industries Ltd. Q4 FY21 results though ahead of our estimates were inconsistent with its nine months FY21 trajectory of a higher Ebitda growth than its sales growth.

The disappointment on margin contraction, and subsequently Ebitda was attributed to seasonality affecting product mix and deprivation of Merchandise Exports from India Scheme benefits.

Sales/Ebitda/profit after tax grew by 40.0/ 22.1/62.4% YoY to Rs 11.97/2.27/1.80 billion respectively.

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