PI Industries declares 450% dividend, PAT up 58% and FIIs stake up 1.88% in Q3
With a market valuation of ₹49,938.02 Cr., PI Industries Ltd. is a large cap company that operates in the commodity industry. The firm has created prominent brands over the previous 75 years, is networked to more than 70,000 retail locations across India, and is widely renowned for its technological prowess in services relating to chemistry and engineering. The corporation announced a 450% dividend for its eligible shareholders along with its Q3 earnings.
PI Industries Dividend
The company said in a stock exchange filing that the Board of Directors “has declared an Interim Dividend at the rate of Rs. 4.5 per share (i.e. 450 %) on the Equity Shares of the Company carrying face value of Re.1/- each for the financial year 2022-23 and the same shall be paid on or before March 15, 2023. Pursuant to Regulation 42 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has fixed February 24, 2023 as the record date for the purpose of determining the members eligible to receive the Interim Dividend for the financial year 2022-23.”
PI Industries Q3 Earnings
In Q3FY23, PI Industries reported net sales of ₹1,613.20 crore on a consolidated basis, up by 18.94% from Rs. 1,356.30 crore in Q3FY22. The company’s net expenses reached ₹1263.7 crore in Q3FY23 compared to ₹111,3.40 Cr reported in the year-ago quarter. PI Industries said in its earnings report that it witnessed 23% growth in exports led by volume growth of ~9% and ~14% coming from price, currency and favourable product mix whereas the domestic growth came at 2% YoY due to adverse weather condition coupled with higher channel inventory.
The company’s EBITDA stood at ₹415.6 crore Cr in the quarter ended December 2022 up by 40% YoY from ₹296.80 Cr recorded in the quarter ended December 2021. The EBITDA margin of PI Industries reached 26% up by 388 bps from 22% in the year-ago quarter, the company said its EBITDA margin improved on account of favorable product mix and operating leverage.
Q3FY23 net profit reached ₹351.80 Cr, up by 58% YoY from ₹222.60 Cr in Q3FY22, the rise in PAT attributable to EBITDA growth despite higher depreciation, said PI Industries. The EPS of PI Industries reached ₹23.20 in Q3FY23 against ₹14.67 in Q3FY22. The outlook remains positive for PI Industries as it is confident of delivering 20%+ revenue growth with continued improvement in margins and returns.
PI Industries Shareholding Pattern
During Q3FY23, PI Industries recorded a promoter shareholding of 46.09%, FIIs stake of 18.60%, DIIs stake of 24.24%, Government stake of 0.15%, public stake of 10.90% and other stakes of 0.03. In the December 2022 quarter, promoter holdings remained constant at 46.09%, according to Trendlyne data, while FII/FPI holdings rose from 16.72% to 18.60%. The number of FII/FPI investors in PI Industries climbed from 639 to 685, while mutual funds’ holdings declined from 16.39% to 16.37% in Q3FY23. In Q3FY23, institutional investors boosted their holdings from 42.88% to 43.00%.
PI Industries Stock Price
On Friday, the shares of PI Industries Limited closed on the NSE at ₹3,290 apiece, down by 2.58% from the previous close of ₹3,377.05. The stock reached a 52-week-high of ₹3,698.45 on (09-Nov-2022) and a 52-week-low of ₹2,351.30 on (07-Mar-2022).
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