PI Industries fall deepens on fear of rising competition

Shares of the chemical manufacturer have fallen sharply in recent days after Rainbow Agro entered the pyroxasulfone market with a substantial 2,000-tonne project approval

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PI Industries fell nearly 3 percent on December 13 even as the management told media that the company had retained its FY24 growth guidance, as it sought to allay worries about growing competition. The commentary lifted the stock only for the selling to resume soon after.

PI Industries managing director Rajnish Sarna said there was huge headroom for growth in the pyroxasulfone market in most developed countries, where the molecule is most sold. Pyroxasulfone is a pre-emergence herbicide that inhibits the production of very long chain fatty acids in plants.

Shares of the chemical manufacturer have fallen sharply in recent days after Rainbow Agro announced its entry in the pyroxasulfone market with a substantial 2,000-tonne project approval.

The current pyroxasulfone market size is $600-700 million and PI Industries sees the potential of a multi-billion dollar market.  It said that it didn’t see any near and or mid-term threats.

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“In most markets this molecule is protected under various patents for several years. I don’t see an impact on our outlook for the current year or coming years. Our portfolio is very diversified, with four-five products being commercialised each year,” Sarna told CNBC TV-18.

At 1.47 pm, the stock was trading at Rs 3,402 on BSE, down 2.41 percent from the previous close. The stock has lost 12 percent in the last week and has remained trading this year.

Sarna expressed confidence that product concentration will significantly reduce in the coming years. He accepted that there was some transitory impact on buying schedules due to destocking but indicated that 18-20 percent growth in FY24 was possible.

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