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MOSL: PI INDUSTRIES (Buy)-Back-ended growth expected in FY18-2HFY18 to...
​PI Industries: Back-ended growth expected in FY18; 2HFY18 to see recovery from subdued growth so far(PI IN, Mkt Cap USD1.6b, CMP INR754, TP INR890, 18% Upside, Buy)Revenue miss, but EBITDA and PAT exceed estimates: PI’s revenue declined 1.9% YoY to INR5,611m (est. of INR6,256m) in 2QFY18. EBITDA margin shrunk 60bp YoY to 21.8% (est. of 17.4%) in 2QFY18, led by a 390bp YoY contraction in the gross margin to 48.1% and a 160bp rise in employee expense to 10.8% of net sales. EBITDA declined 5% ...
MOSL: PI INDUSTRIES (Buy)-Growth to normalize post recovery in global ...
​PI Industries: Growth to normalize post recovery in global agchem market(PI IN, Mkt Cap USD1.5b, CMP INR713, TP INR894, 25% Upside, Buy)GST transition disrupts growth: PI’s overall revenue fell 14.4% YoY to INR5,848m (est. of INR7,517m) in 1QFY18. EBITDA margin shrunk 190bp YoY to 22.3% (est. of 25%), led by higher other expenses (+300bp YoY) and employee cost (+210bp). EBITDA declined 21% YoY to INR1,304m. Consequently, adj. PAT fell 21% YoY to INR1,001m (est. of INR1,283m). Soft product ...
MOSL: PI INDUSTRIES (Buy)-Near-term pain in CSM, healthy order book ex...
​PI Industries: Near-term pain in CSM, healthy order book expansion(PI IN, Mkt Cap USD1.9b, CMP INR811, TP INR952, 17% Upside, Buy)Revenue growth constrained, but margins continue to expand: PI's overall revenue rose modestly by 3.6% to INR6b (in-line) in 4QFY17 from INR5.8b in 4QFY16, as continued soft demand in global agrochemicals exerted pressure on international production. EBITDA margin expanded 680bp from 18.6% in 4QFY16 to 25.4% (est. of 21.4%) in 4QFY17, led by operating efficiency an...
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