February 21, 2017 / 15:15 IST
PI reported overall revenue of INR 4.9b (est INR 5.6b) in 2QFY17 as against INR 5.1b in 3QFY16 marking a YoY de-growth of 4.5% on account of sluggishness in CSM exports inline with impact on global customers. EBITDA margins expanded from 20.2% in 3QFY16 to 21.2% (est 22.8%) in 3QFY17 led by favorable product mix and cost efficiency.
Outlook
We believe PI is one of the best plays on India’s agri sector/CSM opportunities and mix change in favor of the R&D-intensive CSM business would continue to drive rerating for the stock. We maintain Buy rating with a target price of INR 1046, 24x FY19E EPS.
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