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PI Industries : A good show in tough times

June 09, 2020 / 11:00 PM IST
PI Industries : A good show in tough times

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Chemical manufacturer PI Industries (PIND) (CMP: Rs 1,582; Mcap: Rs 21,700 crore) reported a strong quarter led by export growth. However, COVID-19 disruptions hit the domestic business. PI continued to maintain its momentum of commercialising new products. The company has a business model which is relatively better positioned than peers to overcome the challenges posed by the current turmoil. A healthy balance sheet with a low debt equity of 0.2 times is a positive. Lower fixed charges will cap margin erosion....

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