P I Industries Ltd

About

PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities.[1]

Key Points

Revenue Breakup
Its revenues are divided under 2 main categories. It earns ~76% of its revenues from active ingredients and intermediaries and ~23% of revenues from sale of formulations.[1]

See full details
  • Market Cap 48,608 Cr.
  • Current Price 3,204
  • High / Low 3,535 / 1,898
  • Stock P/E 62.3
  • Book Value 352
  • Dividend Yield 0.16 %
  • ROCE 22.1 %
  • ROE 18.5 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 18.73% CAGR over last 5 years
  • Debtor days have improved from 70.41 to 56.10 days.
  • Company's median sales growth is 21.61% of last 10 years

Cons

  • Stock is trading at 9.10 times its book value
  • Promoter holding has decreased over last 3 years: -4.77%
Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
723 708 805 754 907 850 855 1,060 1,158 1,162 1,197 1,194
588 558 631 602 715 663 669 831 878 887 970 945
Operating Profit 135 149 174 152 192 186 186 229 280 275 227 249
OPM % 19% 21% 22% 20% 21% 22% 22% 22% 24% 24% 19% 21%
Other Income 12 15 22 12 11 19 8 13 34 39 44 31
Interest 1 1 1 2 2 4 8 10 8 7 4 3
Depreciation 23 24 24 30 32 32 44 43 43 44 45 49
Profit before tax 123 140 170 133 169 170 142 190 263 264 222 228
Tax % 23% 23% 26% 23% 27% 29% 22% 23% 17% 26% 19% 18%
Net Profit 95 108 126 102 123 121 111 146 218 195 180 187
EPS in Rs 6.86 7.80 9.11 7.36 8.93 8.77 8.02 10.54 14.34 12.88 11.85 12.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
543 720 879 1,151 1,596 1,940 2,096 2,277 2,277 2,841 3,366 4,577 4,711
455 603 733 969 1,300 1,558 1,661 1,722 1,781 2,261 2,647 3,559 3,679
Operating Profit 87 117 146 183 295 382 435 555 496 580 720 1,018 1,032
OPM % 16% 16% 17% 16% 19% 20% 21% 24% 22% 20% 21% 22% 22%
Other Income 1 10 36 8 11 35 34 36 60 58 50 129 148
Interest 18 20 21 24 14 12 12 9 7 7 19 34 22
Depreciation 13 16 17 22 32 50 54 73 83 93 137 175 181
Profit before tax 57 91 143 145 261 355 403 510 466 538 614 938 976
Tax % 27% 29% 28% 33% 28% 31% 23% 10% 21% 24% 26% 21%
Net Profit 42 65 104 97 188 246 312 459 368 410 457 738 780
EPS in Rs 3.95 5.82 8.27 7.18 13.81 18.00 22.72 33.39 26.66 29.72 33.06 48.66 51.41
Dividend Payout % 3% 8% 12% 14% 14% 14% 14% 12% 15% 13% 12% 10%
Compounded Sales Growth
10 Years:20%
5 Years:17%
3 Years:26%
TTM:28%
Compounded Profit Growth
10 Years:27%
5 Years:19%
3 Years:27%
TTM:56%
Stock Price CAGR
10 Years:39%
5 Years:32%
3 Years:65%
1 Year:67%
Return on Equity
10 Years:23%
5 Years:21%
3 Years:19%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
28 19 13 14 14 14 14 14 14 14 14 15
Reserves 127 194 313 518 681 883 1,157 1,613 1,911 2,272 2,605 5,327
Borrowings 150 238 247 217 122 115 151 120 83 49 519 328
172 220 229 386 501 622 626 554 618 820 1,087 1,332
Total Liabilities 456 664 802 1,135 1,318 1,633 1,949 2,301 2,626 3,155 4,225 7,002
200 254 297 478 527 533 874 945 998 1,186 1,858 2,138
CWIP 9 33 81 61 42 133 71 77 90 183 271 288
Investments 1 1 1 1 1 1 0 83 161 129 150 729
246 376 423 596 748 967 1,003 1,196 1,378 1,657 1,946 3,848
Total Assets 456 664 802 1,135 1,318 1,633 1,949 2,301 2,626 3,155 4,225 7,002

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
88 21 104 102 219 184 367 339 319 391 698 725
-35 -94 -105 -145 -50 -146 -303 -235 -180 -322 -985 -2,430
-51 75 2 45 -145 -53 -48 -53 -106 -125 350 1,690
Net Cash Flow 1 2 1 3 24 -15 16 50 33 -56 63 -15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 70 89 72 83 59 72 69 68 84 85 70 56
Inventory Days 118 122 142 131 126 124 124 136 141 126 158 149
Days Payable 75 92 76 130 116 116 115 90 115 121 117 113
Cash Conversion Cycle 113 119 137 84 70 80 78 113 110 90 111 93
Working Capital Days 78 91 86 79 58 61 59 78 95 92 82 78
ROCE % 25% 30% 26% 26% 36% 41% 36% 34% 25% 25% 23% 22%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
51.43 51.38 51.38 51.38 51.38 51.35 51.35 51.35 46.75 46.75 46.74 46.74
13.13 13.12 13.09 13.97 14.69 13.77 12.13 11.72 14.72 19.51 19.35 19.64
19.08 19.30 19.02 17.80 19.93 20.45 21.62 19.11 25.83 21.32 21.27 21.98
16.24 16.00 16.34 16.72 13.89 14.30 14.79 17.72 12.63 12.36 12.57 11.58
0.12 0.20 0.17 0.14 0.12 0.12 0.11 0.10 0.08 0.07 0.06 0.06

Documents