PI Industries (PIIND) Q3 24/25 earnings summary

Executive summary

• Stable performance delivered despite challenging global crop protection market and supply chain disruptions, with a focus on innovation and sustainability.

• Strategic transition underway from AgScience to broader life sciences, targeting high-growth segments like pharma CRDMO, electronic chemicals, and biologicals.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2024.

• Commercialized 6 new products each in Exports and Domestic Agri Brands; new Agchem Exports products grew ~40% YoY.

• Biologicals revenue in Domestic grew ~20% YoY in Q3 and ~25% YoY in 9MFY25.

Financial highlights

• Q3 FY25 consolidated revenue at INR 19,008 million, up 0.2% YoY; 9MFY25 revenue at INR 61,907 million, up 4% YoY.

• EBITDA for Q3 FY25 was INR 5,122 million (down 8% YoY); 9MFY25 EBITDA rose 9% to INR 17,264 million.

• Net profit for Q3 FY25 was INR 3,727 million (down 17% YoY); 9MFY25 net profit increased 1% to INR 13,297 million.

• Cash flow from operations increased 8% to INR 12,482 million; net cash balance at INR 42,091 million.

• Interim dividend of INR 6.00 per share declared for FY24-25.

Outlook and guidance

• Growth guidance for FY25 maintained at mid- to high-single digits, with clarity on FY26 expected after Q4.

• Positive outlook amid transitory industry headwinds; expects demand improvement in H2 CY25.

• Pharma and biologicals expected to grow 20%-25% and 25%-30% YoY, respectively, over the next two to three years.

• Continued capacity expansion and new product launches planned.