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PI Industries: Strong Q2 performance, bright outlook

PI Industries' domestic business has seen strong demand from increasing crop acreage and a timely and well-distributed monsoon

October 30, 2020 / 11:47 AM IST
PI Industries: Strong Q2 performance, bright outlook

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

PI Industries (PIND) (CMP: Rs 2164, Mcap: Rs 32,831 crore) reported a strong show in Q2FY21. Its revenues grew in both domestic and export markets and margins also saw a decent expansion. The impact of disruptions due to COVID-19 was limited in Q2 and all manufacturing facilities and utilizations were at pre-COVID levels. A strong order book reaffirms our expectation of a healthy and sustained growth in the upcoming 3-5 years. The outlook for the second half remains positive with...

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