Buy PI Industries, target price Rs 3750: Jayesh Bhanushali

Jayesh Bhanushali of IIFL has buy call on PI Industries with a target price of Rs 3750. The current market price of PI Industries is Rs 3584.05. Jayesh Bhanushali recommended to keep stop loss at Rs 3510.

PI Industries, incorporated in the year 1946, is a Large Cap company (having a market cap of Rs 54221.78 Crore) operating in Pesticides/Agro Chemicals sector. PI Industries key Products/Revenue Segments include Agri inputs, Export Incentives, Sale of services and Scrap for the year ending 31-Mar-2022.

Financials

For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 1615.10 Crore, down -2.90 % from last quarter Total Income of Rs 1663.40 Crore and up 14.13 % from last year same quarter Total Income of Rs 1415.20 Crore. Company has reported net profit after tax of Rs 279.40 Crore in latest quarter.

The company’s top management includes Mr.Shobinder Duggal, Dr.T S Balganesh, Ms.Lisa J Brown, Mrs.Ramni Nirula, Mr.Pravin K Laheri, Mr.Arvind Singhal, Mr.Rajnish Sarna, Ms.Pia Singh, Mr.Mayank Singhal, Mr.Narayan K Seshadri, Mr.Salil Singhal. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 31-03-2023, the company has a total of 15 Crore shares outstanding.

Investment Rationale
Stock has given a consolidation breakout.

Promoter/FII Holdings
Promoters held 46.09 per cent stake in the company as of 31-Mar-2023, while FIIs owned 18.59 per cent, DIIs 24.06 per cent.