PI Industries spurted 6.12% to Rs 403.40 at 10:58 IST on BSE after net profit surged 48% to Rs 71.74 crore on 16% growth in revenue to Rs 471.20 crore in Q1 June 2014 over Q1 June 2013.
The Q1 result was announced after market hours on Thursday, 24 July 2014.
Meanwhile, the S&P BSE Sensex was down 86.64 points or 0.33% at 26,185.21.
On BSE, so far 56,000 shares were traded in the counter as against average daily volume of 24,748 shares in the past one quarter.
The stock hit a high of Rs 434.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 399.80 so far during the day. The stock had hit a 52-week low of Rs 120 on 7 August 2013.
The mid-cap company has equity capital of Rs 13.61 crore. Face value per share is Re 1.
PI Industries attributed the growth in top line during the quarter to compact portfolio of niche, high-potential products domestically which worked in the company's favour though less than conducive agro-climatic conditions in parts of the country have moderated the performance expectations.
Commenting on the company's Q1 performance, Mr. Mayank Singhal, MD & CEO, PI Industries said, "PI continues to march ahead with yet another solid operating performance characterized by good traction in the domestic operation and consistency of growth in the exports business. We believe that we have a business model that is focused on accelerated growth in revenues while recording improvement in margins. The quality and distribution of rainfall this season will determine both the pace of the sowing activity and the quantum of acreages being brought under cultivation. In the existing circumstances our model has displayed flexibility of optimal inventory while letting us focus on the targeted product mix. There is a portfolio of products that we continue to benefit from in the domestic business. Whereas the benefit from the introductions made in the recent past is giving us good upsides we are equally excited about the portfolio of new products that are slated for launch. We are pleased with how custom synthesis exports have scaled up. Utilisation levels across our plants at Panoli and Jambusar will continue to be strong given business visibility. As per our stated time table, we are on schedule to commercialise 2-3 molecules during the present year. The build-up in the existing line-up is heartening and is a testament to our capabilities in meeting global requirements for the supplies of innovator products. While we have the benefit of a strong, rolling order book, capacity expansion work continues on expanding our SEZ facility at Jambusar. The new plants will lend further boost to our revenues and profit."
PI Industries' total debt decreased to Rs 54.89 crore as on 30 June 2014, from Rs 86.01 crore as on 30 June 2013. Consistent gains in performance while maintaining healthy cash flows has translated into a stronger balance sheet, PI Industries said in a statement.
With regard to the company's future business outlook, PI Industries said that growth expectations for Kharif have scaled back in view of the pattern of the SW monsoon this season and could moderately temper PI's momentum in the domestic business. The outlook stands to improve should the quantum and pattern of rainfall remains favourable to sowing activity, PI Industries said. Custom synthesis exports are expected to deliver to plan in keeping with the visibility given by the commercialised molecules and incremental gains from the Jambusar operations, PI Industries said in a statement.
PI Industries focuses on agri-input and custom synthesis. The company currently operates three formulation and two manufacturing facilities as well as five multi-product plants under its three manufacturing locations across Jammu and Gujarat. These state-of-art facilities have integrated process development teams with in-house engineering capabilities.
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