Motilal Oswal's research report on PI Industries
PI recorded a strong growth in 1QFY24 (revenue up 24% YoY), led by robust growth in the CSM business (revenue up 33% YoY); however, the domestic business again witnessed muted growth (down 13% YoY). EBITDA margin expanded 210bps YoY, led by operating leverage and a favorable product mix.
Outlook
We maintain our FY24/FY25 earnings estimates. We reiterate our BUY rating on the stock with a TP of INR4,560.
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