Company Update : Pi Industries Ltd By Motilal Oswal Financial Services Ltd
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Earnings below estimate due to a contraction in margin
* Consolidated revenue stood at INR19b (est. INR19.5), flat YoY.
* EBITDA stood at INR5.1b (est. INR5.5b), down 8% YoY.
* EBITDA margin expanded 220bp YoY to 26.9% (est. 28.0%); gross margin stood at 52.7% (up 90bp YoY); employee expenses were up 30bp YoY to 10%; other expenses rose 110bp YoY to 15.7% of sales.
* Adj. PAT was down 17% YoY to INR3.7b (est. INR4.1b).
* Revenue/EBITDA/PAT for 9MFY25 grew 4%/10%/1% YoY to INR61.9b/ INR17.2b/INR13.3b.
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SEBI Registration number is INH000000412
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