February 21, 2017 / 15:19 IST
PI Industries’ (PI) Q3FY17 revenue of INR4.9bn declined 5% YoY as the CSM business recorded 12% YoY dip as majority of the export orders were executed in earlier quarters (H1FY17: 33% YoY growth), though YTD the business grew 14% YoY. The domestic business reported stable 13% YoY growth.
Outlook
While PBT growth was flat, helped by a much lower tax rate this quarter, PAT at INR940mn was up 33% YoY. As we roll over to FY19E, we expect growth in CSM to catch up with long term 20% trajectory as guided with a marginal 40bps improvement in margins over FY17-19E. Maintain ‘BUY’ with a revised target price of INR 1,000 (INR 866 earlier).
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