PI Industries stands strong amid dry spell for agrochemical players

Even as firms in the domestic agricultural chemicals segment are expected to report muted single-digit growth for the June quarter, export-focused players such as PI Industries could outperform with double-digit year-on-year (YoY) revenue growth. 

The better show in the quarter is largely because of contribution from the customer synthesis and manufacturing (CSM) segment, which accounts for two-thirds of its revenues. 

The uptick in the global agricultural cycle will sustain the growth momentum in the CSM segment, helping PI post growth of 20-30 per cent YoY in the segment. 

Analysts at Antique Stock Broking say export-focused players such as PI, UPL, and Sharda Cropchem