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Shares of PI Industries rose 11% to record high, after strong results of September quarter, buyers broke down

PI Industries Shares: Shares of PI Industries on Wednesday, November 9, a strong rally of 11 percent in intraday

3,673, which is his all-time high. The company reported good results for the quarter ended September 2022, which is benefiting its stock.

PI Industries reported a 31 per cent year-on-year growth in revenue of Rs 17,700 crore during the July-September 2022 quarter.

The company was strongly supported by the strong performance of the CSM (Export) segment. At the same time, its profit after tax increased by 46 per cent year-on-year to Rs 334.80 crore.

Shares ran up 23 percent in a month

At 11.40 am, the stock of PI Industries is trading at Rs 3,670 with a strength of 11.30 per cent. The stock opened at Rs 3,405. The pesticide and agrochemical company had earlier touched a record high of Rs 3,505 on September 1, 2022. The stock has gained 23 per cent in the last one month. The stock has given returns of 43 per cent in 6 months, 20 per cent in 2022 and 31 per cent in one year.

What is the opinion of the brokerage?

ICICI Securities believes that with the increase in volumes of existing CSM products, new inquiries are on the rise in CSM exports from the non-agro chemical space. Also, the company has benefited from the launch of Molecule in the second half of FY23.

The brokerage firm expects the management to be guided by 20 per cent growth in revenue in FY23 with margin improvement. Besides, capex of Rs 500 crore in FY23 will help in increasing revenue in future.


Disclaimer: The views and investment advice given here are the personal views and opinions of investment experts. StockPro advises users to consult a certified financial advisor before making any investment decision.

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