Company Update : PI Industries Ltd By Motilal Oswal Financial Services Ltd

Earnings above estimates, driven by higher gross margin
* Revenue stood at INR17.9b (est. in line), up 2.6% YoY
* EBITDA stood at INR4.6b (est. INR4.3b) up 3% YoY.
* EBITDA margins expanded 10bp YoY to 25.5% (est. 24.4%); gross margin was 55.1% (up 120bp YoY); employee expenses rose 80bp YoY to 11%; other expenses increased 30bp YoY to 18.5% of sales.
* Adj. PAT was down 11% YoY to INR3.3b (est. INR3.1b).
* For FY25, revenue/EBITDA grew 4%/8% to INR79.8b/INR21.8b, while adj. PAT declined 1% YoY to INR16.6b.
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