PI Industries stock gains from CSM business and margin expansion

Robust order book, product pipeline will ensure steady growth of agrochem player

A strong performance in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23) led to an 8 per cent jump in the stock of the country’s second-largest agrochemical player by market capitalisation — PI Industries.

It was the highest gainer in trade among the BSE 100 constituents. The agrisciences major gained from a growth momentum in the custom synthesis manufacturing (CSM) segment and margin expansion. The CSM business accounted for 82 per cent of the company’s Q3FY23 revenue.

Even as overall revenue saw a growth of 19 per cent, the CSM business, or the export segment, grew by a