Motilal Oswal's research report on PI Industries
PI Industries (PI)’s revenue grew 11% YoY in 4QFY24, led by a healthy growth in the CSM business (up 9% YoY) and incremental revenue from the Pharma business, which was absent in 4QFY23 (revenue mix of ~4% in 4QFY24). However, the domestic business continued to witness subdued demand (revenue down 5% YoY). EBITDA grew 29% YoY in 4QFY24 as EBITDA margin expanded 350bp YoY on account of favorable product mix and operating leverage. We cut our FY25/FY26 earnings estimates by ~7%/5% because of higher tax guidance. Reiterate BUY with a TP of INR4,280 (32x FY26E EPS).
Outlook
We cut our FY25/FY26 earnings estimates by ~7%/5% on account of higher tax guidance. We reiterate our BUY rating on the stock with a TP of INR4,280.
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