PI Industries posts consolidated net profit of Rs 369.5 Cr in Q4 FY24

PI Industries Ltd. has reported Q4 FY24 consolidated net profit of Rs 369.5 crore in the fourth quarter-ended March, in comparison with Rs 280.6 crore in the year-ago period. Revenue for Q4 FY24 was higher at Rs 1,741 crore as compared to Rs 1,565.6 crore in Q4 FY23.

During Q4 FY24, PI Industries has registered 9 per cent growth in agrochemical exports mainly driven by volumes and new products. Meanwhile, domestic revenues were subdued with reduction of 5 per cent Y-o-Y mainly due to volume drop of 6 per cent driven by delayed and erratic spread of monsoon although favourable product mix and improved working capital management helped in containing the financial impact. Biologicals products’ revenue increased by 35 per cent Y-o-Y.

For the Financial Year ended March 31, 2024, PI Industries has reported 18 per cent growth in its revenue at Rs 7,665.8 crore as compared to Rs 6,492 in Financial Year ended March 31, 2023. During FY 2024, the company posted net profit of Rs 1,681.5 crore as compared to Rs. 1,229.5 crore, reflecting a growth of 37 per cent.

During FY 2023-24, PI Industries reported 19 per cent growth in agrochemical exports over a high based mainly on account of scale-up of existing products and introduction of 6 new products. Growth comprises volume growth of 18 per cent and 1 per cent from price, currency and favourable product mix.  More than 70 per cent of revenue growth came from new products. Domestic segment remained subdued due to erratic monsoon and El Niño conditions which led to long dry spells impacting insecticide and herbicide sales in certain geographies. Biologicals products’ revenue increased by 29 per cent Y-o-Y.