P I Industries Ltd

About [ edit ]

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.#

Key Points [ edit ]
  • Market Cap 41,608 Cr.
  • Current Price 2,742
  • High / Low 2,795 / 1,446
  • Stock P/E 62.2
  • Book Value 330
  • Dividend Yield 0.15 %
  • ROCE 23.0 %
  • ROE 18.6 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company's median sales growth is 21.61% of last 10 years

Cons

  • Stock is trading at 8.30 times its book value
  • The company has delivered a poor sales growth of 11.65% over past five years.
  • Promoter holding has decreased over last 3 years: -4.79%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
606 723 708 805 754 907 850 855 1,060 1,158 1,162
487 588 558 631 602 715 663 669 831 878 887
Operating Profit 119 135 149 174 152 192 186 186 229 280 275
OPM % 20% 19% 21% 22% 20% 21% 22% 22% 22% 24% 24%
Other Income 10 12 15 22 12 11 19 8 13 34 39
Interest 2 1 1 1 2 2 4 8 10 8 7
Depreciation 22 23 24 24 30 32 32 44 43 43 44
Profit before tax 105 123 140 170 133 169 170 142 190 263 264
Tax % 22% 23% 23% 26% 23% 27% 29% 22% 23% 17% 26%
Net Profit 82 95 108 126 102 123 121 111 146 218 195
EPS in Rs 5.96 6.86 7.80 9.11 7.36 8.93 8.77 8.02 10.54 14.34 12.88

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
463 543 720 879 1,151 1,596 1,940 2,096 2,277 2,277 2,841 3,366 4,235
399 455 603 734 969 1,300 1,558 1,661 1,722 1,782 2,262 2,647 3,264
Operating Profit 64 87 117 145 183 295 382 435 555 496 578 720 971
OPM % 14% 16% 16% 16% 16% 19% 20% 21% 24% 22% 20% 21% 23%
Other Income 3 1 10 37 8 11 35 34 37 60 60 50 93
Interest 24 18 20 21 24 14 12 12 9 7 7 19 32
Depreciation 11 13 16 17 22 32 50 54 73 83 93 137 174
Profit before tax 32 57 91 143 145 261 355 403 510 466 538 614 858
Tax % 24% 27% 29% 28% 33% 28% 31% 23% 10% 21% 24% 26%
Net Profit 24 42 65 104 97 188 246 312 459 368 410 457 669
EPS in Rs 2.28 3.95 5.82 8.27 7.18 13.81 18.00 22.72 33.39 26.66 29.72 33.06 45.78
Dividend Payout % 0% 3% 8% 12% 14% 14% 14% 14% 12% 15% 13% 12%
Compounded Sales Growth
10 Years:20%
5 Years:12%
3 Years:14%
TTM:28%
Compounded Profit Growth
10 Years:27%
5 Years:13%
3 Years:-0%
TTM:42%
Stock Price CAGR
10 Years:44%
5 Years:34%
3 Years:47%
1 Year:86%
Return on Equity
10 Years:24%
5 Years:23%
3 Years:19%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
4 28 19 13 14 14 14 14 14 14 14 14 15
Reserves 90 127 194 313 518 681 883 1,157 1,613 1,911 2,272 2,605 4,998
Borrowings 203 150 238 247 217 122 115 151 120 83 49 517 416
122 172 220 229 386 501 622 626 554 618 820 1,088 1,594
Total Liabilities 419 456 664 802 1,135 1,318 1,633 1,949 2,301 2,626 3,155 4,225 7,024
179 200 254 297 478 527 533 874 945 998 1,186 1,858 1,906
CWIP 7 9 33 81 61 42 133 71 77 90 183 271 326
Investments 0 1 1 1 1 1 1 0 83 161 129 150 871
232 246 376 423 596 748 967 1,003 1,196 1,378 1,657 1,946 3,921
Total Assets 419 456 664 802 1,135 1,318 1,633 1,949 2,301 2,626 3,155 4,225 7,024

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
31 88 21 104 102 219 184 367 339 319 391 698
-32 -35 -94 -105 -145 -50 -146 -303 -235 -180 -322 -985
2 -51 75 2 45 -145 -53 -48 -53 -106 -125 350
Net Cash Flow 2 1 2 1 3 24 -15 16 50 33 -56 63

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 21% 25% 30% 26% 26% 36% 41% 36% 34% 25% 25% 23%
Debtor Days 73 70 89 72 83 59 72 69 68 84 85 70
Inventory Turnover 3.46 3.28 3.67 3.10 3.46 3.55 3.42 3.15 2.98 2.82 3.32 2.93

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
51.43 51.43 51.38 51.38 51.38 51.38 51.35 51.35 51.35 46.75 46.75 46.74
15.18 13.13 13.12 13.09 13.97 14.69 13.77 12.13 11.72 14.72 19.51 19.35
18.35 19.08 19.30 19.02 17.80 19.93 20.45 21.62 19.11 25.83 21.32 21.27
14.88 16.24 16.00 16.34 16.72 13.89 14.30 14.79 17.72 12.63 12.36 12.57
0.17 0.12 0.20 0.17 0.14 0.12 0.12 0.11 0.10 0.08 0.07 0.06

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