Motilal Oswal's research report on PI Industries
PI continued its growth trajectory in 4QFY23 (revenue up 12% YoY), led by robust growth in the CSM business (revenue up 15% YoY). The domestic business again witnessed muted growth (only 1% YoY). EBITDA margin remained flat YoY at 22% after expanding (both QoQ and YoY) for the last seven quarters from 19% in 4QFY21 to 25.7% in 3QFY23.
Outlook
We maintain our FY24/FY25 EPS estimates on the back of a strong outlook for product launches across the CSM/Domestic businesses, along with the integration of the recently acquired pharma business. We reiterate our BUY rating on the stock with a TP of INR4,300.
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