PI Industries: A decent Q4, positive FY21 guidance lifts sentiment

Robust order book, rising international opportunities should drive earnings

PI Industries' growth of 6 per cent in consolidated revenue for the March quarter (Q4) is decent against the backdrop of the lockdown. What's more impressive is the agrochemical player's growth guidance of 20 per cent for 2020-21. These helped the stock gain 4.7 per cent on Friday, though some of it was lost on Monday. At a time when the economic environment is gloomy, the growth outlook should keep sentiments elevated.

While the domestic business was down about 12 per cent year-on-year (YoY) due to the lockdown, the same was compensated by a 12 per cent rise in exports. The