PI INDUSTRIES Announces Quarterly Results (3QFY21); Net Profit Up 62.5%

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PI INDUSTRIES Announces Quarterly Results (3QFY21); Net Profit Up 62.5%
Fri, 5 Feb

PI INDUSTRIES has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

PI INDUSTRIES Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m8,49810,70611,1434.1%31.1%
Other incomeRs m19731438923.9%97.5%
TurnoverRs m8,69511,02011,5324.6%32.6%
ExpensesRs m6,6428,0368,4294.9%26.9%
Gross profitRs m1,8562,6702,7141.6%46.2%
DepreciationRs m3184034050.5%27.4%
InterestRs m457865-16.7%44.4%
Profit before taxRs m1,6902,5032,6335.2%55.8%
TaxRs m48641167664.5%39.1%
Profit after taxRs m1,2042,0921,957-6.5%62.5%
Gross profit margin%21.824.924.4
Effective tax rate%28.816.425.7
Net profit margin%13.819.017.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 31.1% on a year-on-year (YoY) basis. The expenses were up by 26.9% YoY during the same period.
  • The company's operating profit increased by 46.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 24.4% in 3QFY21 as against 21.8% in 3QFY20.
  • Depreciation charges increased by 27.4% and finance costs increased by 44.4% YoY, respectively.
  • Other income increased by 97.5% YoY during the quarter.
  • Net profit for the quarter increased by 62.5% YoY. Net profit margins during the quarter increased from 13.8% in 3QFY20 to 17.0% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 4.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 4.9% QoQ during the same period.
  • The company's operating profit increased by 1.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.4% in 3QFY21 as against 24.9% in 2QFY20.
  • Net profit for the quarter declined by 6.5% QoQ, while net profit margins declined from 19.0% in 2QFY20 to 17.0% in 3QFY21.

To see how PI INDUSTRIES has performed over the last eight quarters,please visit here.

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PI INDUSTRIES Share Price Performance

Over the last one year, PI INDUSTRIES share price has moved up from Rs 1,531.0 to Rs 2,240.0, registering a Gain of Rs 709.0 or around 46.3%.

Overall, the S&P BSE SENSEX is up 27.3% over the year.

Current Valuations

At the current price of Rs 2,240.0, the price to earnings (P/E) ratio of PI INDUSTRIES stands at 48.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 13.4 times.

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For the quarter ended September 2020, PI INDUSTRIES has posted a net profit of Rs 2 bn (up 70.4% YoY). Sales on the other hand came in at Rs 11 bn (up 18.0% YoY). Read on for a complete analysis of PI INDUSTRIES's quarterly results.

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