PI INDUSTRIES

PI Industries hit another new 52-week high yesterday at Rs.154. The stock is trading in the positive right since 16th Sept, when the company announced that it has increased the limit for investment by FIIs to 40% of its equity from 24% earlier.

PI Industries is an agri input and custom synthesis & manufacturing company and in Q1FY14, it had posted a 107% (YoY) jump in net profit at Rs.48 crore on a 68% rise in net sales at Rs.406 crore. Forex gain of Rs.7 crore and a 20% drop in interest cost helped boost the bottomline. EBITDA was up 60% at Rs.79 crore and margin came in at 19.4%. This is one of the best times for such agri based companies, when monsoon comes calling and that is reflected in the performance. The company has commenced commercial production at its Jambusar SEZ and stated that a significant portion of the volumes growth going forward will be delivered from this new plan. It split the stock face value of equity shares from Rs.5/- each to Rs.1/- each.