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PI Industries shares hit an all-time high after newly launch brands contribute to growth

PI Industries shares hit an all-time high after newly launch brands contribute to growth

PI Industries shares hit an all-time high after newly launch brands contribute to growth
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By Sonal Bhutra   |Sonal Bhutra Nov 9, 2022 1:54:34 PM IST (Published)

Both domestic as well as export markets contributed to strong results from PI Industries.

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Shares of PI Industries Ltd. hit an all-time high on Wednesday after the company's revenue increased over 30 percent from last year led by newly launched brands, that contributed significantly to the topline growth.
Total revenue for the quarter stood at Rs 1,770 crore, compared to Rs 1,354 crore in the same quarter last year. Net profit also increased 46 percent year-on-year

The company’s EBITDA increased by 49 percent to Rs 433 crore in September quarter while margin improved 200 basis points to 24 percent from 22 percent due to a favourable product mix and operating leverage.

The company also continued to pass through higher input costs to clients both in the domestic as well as the export market.

PI Industries witnessed a 29 percent growth in exports on a higher base, with a volume growth of 25 percent. The company also saw a 36 percent growth in the domestic market, with a volume growth of 31 percent.

With Rs 2,321 crore of surplus cash, the company continues to identify value-accretive inorganic growth opportunities across the market.

Shares of PI Industries are trading 10 percent higher at Rs 3,623.

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