 "PI Industries dips on disappointing Q2 results")
PI Industries has dipped 7% to Rs 412 on National Stock Exchange (NSE) after reporting 11.4% year-on-year decline in net profit at Rs 48.97 crore for the second quarter ended September 2014 (Q2), due to lower sales. The agrochemicals company had profit of Rs 55.29 crore in the same quarter last fiscal.
Nets sales of the company decreased by 8% to Rs 425 crore against Rs 461 crore in the corresponding quarter of previous year.
Nets sales of the company decreased by 8% to Rs 425 crore against Rs 461 crore in the corresponding quarter of previous year.
The company said, domestic agri input revenues were lower than plan due to difficult agro-climatic conditions and custom synthesis exports were lower as per plan.
EBITDA or operating profit margin declined to 17% from 19.9% given steady revenues in the domestic business and lower exports, it added.
However, the company said, custom synthesis will see strong performance in the second-half with strong order book position.
The stock opened at Rs 403 and hit a low of Rs 377 on NSE. The counter has seen over ten-fold jump in trading volumes with a combined 1.88 million shares changed hands on NSE and BSE till 1015 hours.
EBITDA or operating profit margin declined to 17% from 19.9% given steady revenues in the domestic business and lower exports, it added.
However, the company said, custom synthesis will see strong performance in the second-half with strong order book position.
The stock opened at Rs 403 and hit a low of Rs 377 on NSE. The counter has seen over ten-fold jump in trading volumes with a combined 1.88 million shares changed hands on NSE and BSE till 1015 hours.