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Change Change %
33.50 3.96%

Updated:19 Apr, 2018, 15:52 PM IST

Change Change %
29.70 3.50%

Updated:19 Apr, 2018, 16:01 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
Motilal Oswal
16-08-2017 Buy 729.00 894.00
Target Hit Long (1Y)

Motilal Oswal maintains buy on PI Industries

PI's overall revenue fell 14.4% YoY to INR5,848m (est. of INR7,517m) in 1QFY18. EBITDA margin shrunk 190bp YoY to 22.3% (est. of 25%), led by higher other expenses ( 300bp YoY) and employee cost ( 210bp). EBITDA declined 21% YoY to INR1,304m. Consequently, adj. PAT fell 21% YoY to INR1,001m (est. of INR1,283m). We believe PI is well placed to leverage the turnaround in the global agchem scenario on the back of continued investment in R&D and a strong product pipeline. However, with global demand picking up only in 2HFY18, we cut our earnings estimates by 9%/5% for FY18/FY19. We maintain our Buy rating with a TP of INR894, 25x FY19E EPS.

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