Press Release rgdg. Q3FY12 Results issued : PI’s 9M FY2012 EBITDA grows strongly at 40%
EBITDA grows strongly at 40% Agri-Input shows solid growth of 30% YoY Custom Synthesis scales-up along expected lines, revenues up 65% YoY New Delhi, February 12, 2012: PI Industries Limited (PI), a leading Indian Agri-Input and Custom Synthesis company today announced its financial results for the third quarter ended December 31, 2011. PI Industries Limited (PI), a leading Indian Agri-Input and Custom Synthesis company today announced its financial results for the third quarter ended December 31, 2011. Financial Highlights for the nine-months ended 31st December, 2011 (Compared to 9M FY11; which includes results of Polymer Compounding business) st December, 2011 (Compared to 9M FY11; which includes results of Polymer Compounding business) Net Revenue Net Revenue stood at Rs. 6418.2 million, up 26.8% (~41% YoY without Polymer Compounding revenue); Agri-Input saw growth of 30% whereas Custom Synthesis grew by 65%. Growth in the Agri-Input business is ahead of the sector growth rate while the Custom Synthesis business continues to deliver strong revenue momentum. EBITDA EBITDA was at Rs. 1,106.4 million, up 40%. Margins saw 160 bps expansion to 17.2% given the robust all-round performance. Pre-tax Earnings Profit Before Tax at Rs. 1,080.5 million with an increase of 81.3% and considering the effect of: Pre-tax gain of ~Rs. 303 million on sale of the Company’s Polymer business to Rhodia SA in the beginning of current fiscal. Pre-tax gain of ~Rs. 303 million on sale of the Company’s Polymer business to Rhodia SA in the beginning of current fiscal. Exchange Fluctuation Loss of Rs. 64.7 million as compared to Exchange Fluctuation Gain of Rs. 47 million in the same period last year. Exchange Fluctuation Loss of Rs. 64.7 million as compared to Exchange Fluctuation Gain of Rs. 47 million in the same period last year. Post-tax Earnings The Net Profit including exceptional gains was at Rs. 787.6 million, up 80.1%. The Basic EPS increased to Rs. 31.65 per share against Rs. 19.6 per share last year. Financial Highlights for the quarter ended 31st December, 2011 (Compared to Q3 FY11; which includes results of Polymer Compounding business) st December, 2011 (Compared to Q3 FY11; which includes results of Polymer Compounding business) Net Revenue Net Revenue was stable at Rs. 1,902.1 million (~11% growth YoY without Polymer Compounding revenue); Agri-Inputs showed 16% increase in Revenues to Rs. 1,022 million despite the inclement conditions in the Rabi season where deficiency in the N-E monsoon affected the regular cropping pattern. The contribution from Custom Synthesis was Rs. 880 million; 5% increase on higher base of last year. EBITDA EBITDA was at Rs. 307.1 million and showed 18.3% growth with a margin improvement of 250 bps to 16.2%. Pre-tax Earnings Profit Before Tax at Rs. 160 million considers the effect of: Exchange Fluctuation Loss of Rs. 64.6 million, which includes Unrealized Foreign Exchange fluctuation loss of Rs. 58.5 million (net basis) arising out of the restatement of foreign currency exposure on the reporting date. Against this, there was a Exchange Fluctuation Gain of Rs. 39 million in the same period last year. Exchange Fluctuation Loss of Rs. 64.6 million, which includes Unrealized Foreign Exchange fluctuation loss of Rs. 58.5 million (net basis) arising out of the restatement of foreign currency exposure on the reporting date. Against this, there was a Exchange Fluctuation Gain of Rs. 39 million in the same period last year. Post-tax Earnings The Net Profit was at Rs. 114.4 million with a Basic EPS of Rs. 4.60 per share. Commenting on the performance Mr. Mayank Singhal, Managing Director & CEO, PI Industries Ltd., said; “We have reported a revenue growth of ~11% during the quarter after excluding the contribution of the Polymer Compounding business which we divested in the beginning of the year. Despite the adverse impact of the erratic N-E monsoon on the domestic business, we have continued with a good pace of growth. We are constantly identifying products, which can be placed in the niche areas to fuel the future growth. We have a few exciting product launches ahead of us. In Custom Synthesis we have shown strong growth in revenues on account of ramp up of existing products. We are also commercializing new products in the next few quarters which will further enhance our growth trajectory.” We have reported a revenue growth of ~11% during the quarter after excluding the contribution of the Polymer Compounding business which we divested in the beginning of the year. Despite the adverse impact of the erratic N-E monsoon on the domestic business, we have continued with a good pace of growth. We are constantly identifying products, which can be placed in the niche areas to fuel the future growth. We have a few exciting product launches ahead of us. In Custom Synthesis we have shown strong growth in revenues on account of ramp up of existing products. We are also commercializing new products in the next few quarters which will further enhance our growth trajectory.” .” Outlook Agri-Input business in the long-term remains very strong, may see some moderation in the immediate term: Agri-Input business in the long-term remains very strong, may see some moderation in the immediate term: The Rabi season is off to a subdued start given the erratic nature of the N-E monsoon. However PI continues to show growth based on its strong line- up of products The Rabi season is off to a subdued start given the erratic nature of the N-E monsoon. However PI continues to show growth based on its strong line- up of products PI’s relationships with innovators and its strengths in product development, registration and product trial remains key to sustained growth. Forthcoming Kharif season to see introduction of some new products PI’s relationships with innovators and its strengths in product development, registration and product trial remains key to sustained growth. Forthcoming Kharif season to see introduction of some new products Custom Synthesis to see healthy growth in revenue and margins based on: Custom Synthesis to see healthy growth in revenue and margins based on: Robust order book position Robust order book position Portfolio of early stage patented molecules which are expected Portfolio of early stage patented molecules which are expected Progressive build-up in existing commercialized molecules Progressive build-up in existing commercialized molecules Enhancement of manufacturing facilities Enhancement of manufacturing facilities On Feb 13, 9:14 am, mahesh <[email protected]> wrote: > Q3FY12 Results forPIIndustriesAnnounced -- Major Details : > > Revenue - 190.57 cr. ( v/s our estimate of Rs. 223-245 cr.) > > EBITDA - 30.7 cr. (v/s our estimate of Rs. 43-48 cr.) > > PAT - Rs. 11.43 cr. (v/s our estimate of Rs. 23-26 cr.) > > EPS - Rs. 4.55 (v/s our estimate of Rs. 9.2-10.4) > > Prima-facie Analysis of Q3FY12 Results : > > Q3FY12 Results ofPIIndustriesare way below our conservative > estimates and the main culprit seems to have been Agri-Input segment. > As envisaged post Rallis Analyst Meet Takeaways on 25th Jan. 2012, > Agri-Input segment seems to have suffered heavily although the exact > details wrt. its revenue and profitability are still awaited from the > Press Release and Concall commentry. The more disappointing part of > the results is the continued pressure on margins which is contrary to > management's own expectations as detailed by them in Q2FY12 concall > commentry. EBITDA margins for the qrtr. at just 16.10 % while > considering the fact that CSM segment enjoys high margins of 21 % + > doesn't augur too well for Agri-input segment visibility. > > Since last many years, current qrtr. seems to be the first qrtr. > whereinPiInd. has failed to outperform its major peer Rallis and we > hope this is the one-off and company can get back on track in coming > qrtrs. > > Detailed Press Release is awaited at the time of writing this and > management commentry in the concall will be crucial. > > Will update of the details soon. > > Rgds. > > On Jan 3, 12:15 pm, "mahesh i. shah" <[email protected]> > wrote: > > > > > Link to pdf of my Q3FY12 as well as 9'Month'FY12 estimate forPIIndustries > > Ltd. > > >http://www.scribd.com/doc/76999128/ > > > Rgds. > > > Q3FY12Estimate.pdf > > 314KViewDownload- Hide quoted text - > > - Show quoted text - -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. 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