PI Industries gains as Q3 profit zooms 58% to Rs 351 crore

PI Industries’ net profit came in at Rs 351.80 crore, up from Rs 222.60 crore in the year-ago quarter. Its year-on-year sales grew 18.94 percent at Rs 1,613.20 crore in the December quarter

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PI Industries’ share price gained more than 3 percent in the morning trade on February 15, a day after the company reported a 58.04 percent increase in net profit at Rs 351.80 crore for the December quarter of FY23 from the year-ago period.

The company’s focus on innovative solutions and technologies for crop protection and plant nutrients seems to be paying off, analysts said.

PI Industries’ sales were up 18.94 percent at Rs 1,613.20 crore in the December quarter. It had reported sales of Rs 1,356.30 in the year-ago quarter.

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At 10:21 hrs PI Industries was quoting at Rs 3,142.00, up Rs 107.35, or 3.54 percent, on BSE. It was trading with volumes of 23,120 shares, compared to its five-day average of 4,593 shares, an increase of 403.42 percent.

PI Industries is an agricultural solutions company that provides innovative solutions and technologies for crop protection and plant nutrients. The company operates in four key business segments—agri inputs, fine chemicals, custom synthesis and Biotechnology.

The company has a strong presence in the Indian agrochemical industry, with a significant market share in herbicides, insecticides, and fungicides.

It has been expanding its global footprint and has a presence in more than 40 countries, including the United States and Japan, the company said.