PI Inds slips 9%

PI Industries is the top loser on the BSE since the opening bell today; opening 2.5% lower, the stock slipped further to an intraday low at Rs.4046.75, down 9%; it has recovered from this and is now trading over 5% lower at Rs.2200 levels.

The company posted a muted set of earnings for Q2FY25 but the bigger disappointment was the not-so-rosy estimation for the future.

On a 5% (YoY) jump in revenue at Rs.2221 crore, EBITDA came in at Rs629 crore, up 14% and margins improved from 26% to 28%. Net profit for the quarter came in at Rs.508 crore, up 6%.

The company gave its revenue growth guidance for FY25 in a single- digit from the earlier mentioned 15%. This is the second time the growth has been cut – first it was at 18-20%, then cut to 15% and now to single-digit.