Company Update

Institutional Research
India I Chemicals
28 April, 2023

PI Industries BUY
Price: Rs3,065
Multiple acquisitions in Pharma space, overhang gone Target Price: Rs4,012
Forecast return: 31%

PI Industries (PI) announced multiple acquisitions to foray into pharma space. The Market Data
company had raised Rs20bn in July 2020 to foray into pharma space through inorganic Bloomberg: PI IN
route. Later in July 2021, PI entered into SPA to acquire Ind-Swift Laboratories’ API 52 week H/L: 3,699/2,365
business on a slump sale basis. However, by November 2021, the deal was called off Market cap: Rs465.9bn
by Ind-Swift Laboratories. Since then, PI Industries has been scouting for pharma Shares Outstanding: 151.7mn
assets. Yesterday’s announcement puts PI’s long impending pharma foray initiative to Free float: 48.7%
rest. We believe this is a landmark development for PI and shall continue to benefit Avg. daily vol. 3mth: 3,96,456
CSM growth over the next foreseeable future. Maintain Buy Source: Bloomberg

Pharma manufacturing footprint spreads across India, the US, and Europe Changes in the report
In India, PI is acquiring 100% shareholding in Therachem Research Medilab (India) Private Rating: Unchanged
Limited (“TRM India”) which operates in CRO and manufacturing for compounds/ key Up 3.6%; Rs4,012 from earlier
Target price:
Rs3,872
RMs for APIs for a consideration of USD42mn (~Rs3.5bn). Additionally in India, PI is
EPS: (2.7%) FY24E, (1.3%) FY25E
acquiring 100% of Solis Pharmachem Private Limited (“Solis Pharmachem”), which is into Source: Centrum Broking
similar CRO and manufacturing space, for USD3mn (~Rs250mn). In the US, PI Health
PI relative to Nifty 50
Sciences USA, LLC (“PIHS LLC”) has executed an asset purchase agreement with TRM US,
Dr. Pooran Chand, and Ms. Namita Bansal for an upfront consideration of USD5mn with 130
PI Industries
USD25mn milestone payments over 6-year period. In Europe, PI has acquired Archimica 120

S.p.A. (“Archimica”) which is into Active Pharmaceutical Ingredients (API) manufacturing 110

and CDMO for a consideration of EUR34.2mn. 100

NIFTY 50
90
Revenues of ~Rs7bn and EBITDA of ~Rs1.8bn in FY22, earnings accretive for PI
80
In FY22/ CY22, the combined revenues of the acquired companies were ~Rs7bn with Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23
EBITDA of ~Rs1.8bn implying combined EBITDA margin of ~25% which is in-line with PI’s Source: Bloomberg
CSM margins. We believe these acquisitions to be earnings accretive for PI
Shareholding pattern
Overhang gone, war chest of ~Rs14bn still remains, maintain Buy Mar-23 Dec-22 Sep-22 Jun-22
These multiple acquisitions resolve the long standing overhang regarding PI’s pharma Promoter 46.1 46.1 46.1 46.7
foray with access to Europe and the US market along with manufacturing footprint. The FIIs 18.6 18.6 16.7 16.0
total consideration for all the four acquisitions including the milestone payments is DIIs 23.3 23.6 25.4 18.8
~Rs9.2bn leaving war chest of ~Rs14bn based on cash of ~Rs23bn by 1HFY23. We believe Public/other 12.0 11.7 11.8 18.5
these acquisitions shall enhance PI’s CDMO capabilities and kick start its entry into the Source: BSE

pharma segment. Also, with access to the US and Europe manufacturing site, the product
rolls out for developed/regulated market is likely to be expedited. We have marginally
tweaked our estimates with lower growth for domestic agrochem business. We have
also lowered our domestic business multiple from 15x to 12x due to monsoon and
channel inventory concerns. We have rolled over our estimates to FY25E and maintain
Buy rating with a revised TP of Rs4,012 (earlier Rs3,872).
Risks – Lower monsoon impact on domestic business, delay in pharma products
commercialisations

Financial and valuation summary

YE Mar (Rs mn) FY21A FY22A FY23E FY24E FY25E
Revenues 45,770 52,995 66,082 78,113 92,765
EBITDA 10,122 11,424 16,030 18,106 21,549
EBITDA margin (%) 22.1 21.6 24.3 23.2 23.2 Rohit Nagraj
Research Analyst, Chemicals
Adj. Net profit 7,339 8,402 12,673 13,963 16,615
Chemicals

+91-022-42159645
Adj. EPS (Rs) 48.3 55.3 83.4 91.9 109.3 rohit.nagraj@centrum.co.in
EPS growth (%) 61 14.5 50.8 10.2 19.0
PE (x) 63.2 55.3 36.7 33.4 28.0
EV/EBITDA (x) 44.7 39.8 28.1 25.2 20.8
PBV (x) 8.7 7.6 6.5 5.6 4.8
Jay Bharat Trivedi
RoE (%) 18.4 14.7 19.0 17.9 18.3 Research Associate, Chemicals
RoCE (%) 17.3 14.2 18.6 17.6 18.0 +91-022-42159201
Source: Bloomberg, Centrum Broking jay.trivedi@centrum.co.in

Please see Disclaimer for analyst certifications and all other important disclosures.
PI Industries 28 April, 2023

Thesis Snapshot
Estimate revision Valuations
YE Mar (Rs mn)
FY24E FY24E
% chg
FY25E FY25E
% chg
We have lowered our domestic business multiple from 15x to 12x due to
New Old New Old monsoon and channel inventory concerns. The stock is trading at 33.4x/ 28.0x
Revenue 78,113 79,621 (1.9) 92,765 94,950 (2.3) FY24E/ FY25E earnings and 25.2x/ 20.8x FY24E/ FY25E EV/ EBITDA. We have
EBITDA 18,106 18,575 (2.5) 21,549 22,160 (2.8) rolled over our estimates to FY25E and maintain Buy rating with a revised TP
EBITDA margin 23.2 23.3 (10bps) 23.2 23.3 (10bps) of Rs4,012 (earlier Rs3,872)
Adj. PAT 13,963 14,348 (2.7) 16,615 16,830 (1.3) SOTP valuation FY25E EBITDA EV/ EBITDA (x) Value (Rs mn)
Diluted EPS (Rs) 91.9 94.4 (2.7) 109.3 110.7 (1.3) CSM 18,371 30 5,51,138
Source: Centrum Broking Domestic 3,362 12 40,347
Net debt -18,369
Centrum vs consensus Implied value (Rs mn) 6,09,853
Centrum Consensus Variance Centrum Consensus Variance
YE Mar (Rs bn) No. of shares 152
FY24E FY25E (%) FY25E FY25E (%)
Revenue 78,113 78,790 (0.9) 92,765 93,160 (0.4) Target price 4,012
EBITDA 18,106 18,866 (4.0) 21,549 22,368 (3.7) CMP (Rs) 3,065
EBITDA margin 23.2 24.9 (80bps) 23.2 24.0 (80bps) Upside (%) 30.9
Adj. PAT 13,963 14,394 (3.0) 16,615 17,040 (2.5) P/E mean and standard deviation
Source: Bloomberg, Centrum Broking 55
47
PI Industries versus NIFTY 50 39
1m 6m 1 year 31
PI IN 5.6 (4.6) 5.8 23
NIFTY 50 5.7 0.7 3.9
15
Source: Bloomberg, NSE
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
Key assumptions P/E Mean
Y/E Mar FY24E FY25E Mean + Std Dev Mean - Std Dev
Revenue growth (%) 18.2 18.8
EV/EBITDA mean and standard deviation
CSM Revenue growth (%) 20.0 20.0
44
Domestic Revenue growth (%) 11.4 13.8
38
EBITDA margins (%) 23.2 23.2
Source: Centrum Broking 32
26
20
14
8
Mar-21
Oct-20
May-20

Jan-22
Dec-19

Nov-22
Jul-19
Apr-18

Apr-23
Jun-22
Sep-18

Feb-19

Aug-21

EV/EBITDA Mean
Mean + Std Dev Mean - Std Dev

Peer comparison
Mkt Cap CAGR (FY22-25E) P/E (x) EV/EBITDA (x) ROE (%)
Company
(Rs bn) Sales EBITDA EPS FY23E FY24E FY25E FY23E FY24E FY25E FY23E FY24E FY25E
Aarti Industries 200.2 11.6 0.4 22.6 37.5 27.9 20.6 20.1 16.9 13.5 11.4 13.6 16.0
Anupam Rasayan 121.9 31.9 30.7 29.2 35.2 26.1 19.5 10.8 9.2 7.2 9.2 7.8 0.2
Atul 207.7 14.6 17.4 17.0 37.3 30.2 22.6 25.2 19.6 14.9 12.5 13.8 16.1
Deepak Nitrite 254.0 13.7 12.4 14.2 29.9 19.7 16.8 19.7 13.3 11.3 23.8 28.3 25.7
Dhanuka Agritech 29.8 13.1 12.3 10.3 14.7 13.0 11.4 11.4 9.4 8.1 21.3 21.8 21.6
Galaxy Surfactants 90.3 6.9 8.8 8.9 24.0 27.7 25.3 16.1 17.7 16.1 20.8 15.6 15.1
Gujarat Fluorochemicals 370.8 26.2 30.2 29.4 23.0 21.0 17.9 15.8 13.8 11.8 27.6 24.3 23.2
Navin Fluorine 236.7 33.0 40.2 34.3 66.0 47.3 36.4 45.1 30.5 24.6 17.8 21.2 23.1
PI Industries 501.9 20.5 23.6 25.3 36.8 33.4 28.0 28.1 25.2 20.8 19.0 17.9 18.3
SRF 741.1 16.4 16.9 16.6 30.2 26.6 21.6 19.0 16.6 13.7 22.6 21.3 21.8
UPL 562.3 17.5 19.2 31.7 12.7 10.8 9.2 6.6 5.6 4.8 17.4 17.6 17.7
Vinati Organics 203.9 27.2 26.3 25.6 40.6 35.2 28.0 31.0 27.1 21.6 23.5 22.5 23.5
Source: Company, Centrum Broking

Centrum Institutional Research 2

PI Industries 28 April, 2023

PI Health Sciences Limited (“PIHS”), a wholly owned subsidiary

of PI Industries Limited (“PI”), has entered into definitive
agreements to acquire the following businesses
Therachem Research Medilab LLC (“TRM”) – Acquiring its wholly owned subsidiaries in
India and assets in the US
 TRM is an innovative, chemistry-driven solution provider in medicinal chemistry
research, process research and development, specialising in the Rare Disease area.
 The company provides services and products to pharmaceutical and biopharmaceutical
companies in the preclinical and clinical stages.
 Manufacturing facilities in India and R&D facilities in India and the US
 Its R&D team works closely with marquee publicly listed US biotech companies and big
pharma companies based in Asia-Pacific in developing their product pipeline.
 FY22 financials – Consolidated revenues of ~USD33mn, EBITDA of ~USD14mn, implying
EBITDA margins of ~42%

Plahoma Twelve GmbH – Acquiring 100% stake in Archimica S.p.A. (“Archimica”)

 Archimica is an Italy-based, highly reputable small molecule API manufacturer and a
Contract Development & Manufacturing organisation (CDMO)
 Archimica services over 60 marquee customers in more than 30 countries.
 Owns 24 US DMFs, GMP manufacturing facility for APIs and Intermediates across wide
therapeutic and substance classes such as Oncology, Anti-Ulcer, and Anti-Arthritis.
 Manufacturing facility near Milan (Italy); certified by USFDA and AIFA.
 CY22 financials – Revenues of ~USD45mn, EBITDA of ~USD7mn, implying EBITDA
margins of ~16%

Key highlights of the transactions

 Both acquisitions are being made through PIHS, the wholly owned subsidiary of PI,
already established for its Pharma foray
 The purchase consideration comprises of
o TRM – USD50.0mn, additional up to USD25mn in performance-linked pay-outs over
the next six years
o Archimica – EUR34.2mn upon closing
 The purchase consideration will be paid in cash and funded from the completed
Qualified Institutional Placement (QIP) proceeds and internal accruals
 The transaction completion along with integration with PI is expected to be completed
during Q1FY24, subject to the fulfilment of customary closing conditions and regulatory
approvals

Centrum Institutional Research 3

PI Industries
Exhibit 1: Contours of the deal
Company Name
Therachem Research Medilab
(India) Private Limited (“TRM
India”), acquiring 100%
shareholding
Solis Pharmachem Private
Limited (“Solis
Pharmachem”), acquiring
100% shareholding
Archimica S.p.A.
(“Archimica”)
Asset purchase agreement
dated 27 April 2023 executed
amongst TRM US,
Dr. Pooran Chand, Ms.
Namita Bansal, and PI Health
Sciences USA, LLC (“PIHS
LLC”)
Source: Centrum Broking, Company Data
Centrum Institutional Research
28 April, 2023
Location Financials/ Revenues Activity/ Segments Consideration
Contract Research
FY22 – Rs206.1cr Organisation and;
Registered office in
FY21 – Rs68.5cr Manufacturing – (chemical
Jaipur (Rajasthan), USD42mn
FY20 – Rs31.2cr compounds, starting key
incorporated in Rs344cr
Expected closing in May materials for Active
December 2006
2023 Pharmaceutical Ingredients
(API), etc).
Contract Research
Registered office in FY22 – Rs0cr Organisation and;
Ankleshwar FY21 – Rs0cr Manufacturing – (chemical
USD3mn
(Gujarat), FY20 – Rs0cr compounds, starting key
Rs25cr
incorporated in Expected closing in May materials for Active
December 2019 2023 Pharmaceutical Ingredients
(API), etc).
Pharmaceutical industry –
Founded in 1947, FY22 – EUR41.5mn
manufacturing of Active
Archimica is a private FY21 – EUR38.7mn
Pharmaceutical Ingredients
limited company FY20 – EUR32.0mn
(API) and; EUR34.2mn
headquartered in Closed on 27 April 2023
Contract Development and
Lodi (35 km south of (today), now a 100%
Manufacturing Organisation
Milan, Italy) subsidiary
(CDMO)
PI shall pay an upfront amount
of USD5mn to TRM US on the
date of consummation of the
FY22 – USD33.5mn Manufacturing – (chemical transaction. In addition, PI will
FY21 – USD15.4mn compounds, starting key pay an earnout amount to TRM
US FY20 – USD8.2mn materials for Active US up to a maximum amount of
Expected closing in May Pharmaceutical Ingredients US 25mn over the next 6 years
2023 (API), etc) subject to achievement of
agreed milestones as per the
terms set out in the TRM US
APA
Operating and business related details for Archimica depicted
below based on their dated corporate presentation
Exhibit 2: Archimica profile
Source: Centrum Broking, Company Data
4
PI Industries 28 April, 2023

Exhibit 3: Multi-purpose/ flexible capacities

Source: Centrum Broking, Company Data

Exhibit 4: Regulatory certifications

Source: Centrum Broking, Company Data

Exhibit 5: Therapeutic areas and substance classes

Source: Centrum Broking, Company Data

Centrum Institutional Research 5

PI Industries 28 April, 2023

Exhibit 6: Generic API portfolio

Source: Centrum Broking, Company Data

Centrum Institutional Research 6

PI Industries 28 April, 2023

P&L Balance sheet

YE Mar (Rs mn) FY21A FY22A FY23E FY24E FY25E YE Mar (Rs mn) FY21A FY22A FY23E FY24E FY25E
Revenues 45,770 52,995 66,082 78,113 92,765 Equity share capital 152 152 152 152 152
Operating Expense 25,712 29,228 35,883 43,353 51,485 Reserves & surplus 53,272 61,052 71,875 83,744 97,867
Employee cost 4,169 4,804 5,380 6,188 7,301 Shareholders fund 53,424 61,204 72,027 83,896 98,019
Others 5,767 7,539 8,789 10,467 12,431 Minority Interest 0 0 0 0 0
EBITDA 10,122 11,424 16,030 18,106 21,549 Total debt 2,574 2,678 2,678 2,678 2,678
Depreciation & Amortisation 1,748 2,018 2,301 2,609 3,167 Non Current Liabilities 655 651 651 651 651
EBIT 8,374 9,406 13,729 15,496 18,381 Def tax liab. (net) 796 875 875 875 875
Interest expenses 282 128 264 242 248 Total liabilities 57,449 65,408 76,231 88,100 1,02,223
Other income 1,249 1,014 1,420 1,775 2,129 Gross block 26,088 31,039 36,039 44,039 50,039
PBT 9,341 10,292 14,885 17,028 20,263 Less: acc. Depreciation (5,891) (7,709) (9,906) (12,408) (15,466)
Taxes 2,002 1,890 2,212 3,065 3,647 Net block 20,197 23,330 26,133 31,631 34,573
Effective tax rate (%) 21.4 18.4 14.9 18.0 18.0 Capital WIP 2,495 638 638 638 638
PAT 7,339 8,402 12,673 13,963 16,615 Net fixed assets 24,410 25,860 28,579 43,220 46,072
Minority/Associates 0 0 0 0 0 Non Current Assets 492 2,019 2,019 2,019 2,019
Recurring PAT 7,339 8,402 12,673 13,963 16,615 Investments 54 258 258 258 258
Extraordinary items 44 36 60 0 0 Inventories 10,528 14,234 17,438 20,613 23,191
Reported PAT 7,383 8,438 12,733 13,963 16,615 Sundry debtors 7,035 8,687 11,014 13,019 15,461
Cash & Cash Equivalents 16,195 14,102 18,446 12,500 21,192
Ratios Loans & advances 103 30 30 30 30
YE Mar FY21A FY22A FY23E FY24E FY25E
Other current assets 11,070 12,586 12,586 12,586 12,586
Growth (%) Trade payables 7,960 9,242 11,014 13,019 15,461
Revenue 36.0 15.8 24.7 18.2 18.8 Other current liab. 4,545 3,167 3,167 3,167 3,167
EBITDA 41.0 12.9 40.3 12.9 19.0
Provisions 65 94 94 94 94
Adj. EPS 61.0 14.5 50.8 10.2 19.0
Net current assets 32,361 37,136 45,240 42,468 53,738
Margins (%) Total assets 57,449 65,408 76,231 88,100 1,02,223
Gross 43.8 44.8 45.7 44.5 44.5
EBITDA 22.1 21.6 24.3 23.2 23.2 Cashflow
EBIT 18.3 17.7 20.8 19.8 19.8 YE Mar (Rs mn) FY21A FY22A FY23E FY24E FY25E
Adjusted PAT 16.0 15.9 19.3 17.9 17.9 Profit Before Tax 9,385 10,328 14,945 17,028 20,263
Returns (%) Depreciation & Amortisation 1,748 2,018 2,301 2,609 3,167
ROE 18.4 14.7 19.0 17.9 18.3 Net Interest 282 128 264 242 248
ROCE 17.3 14.2 18.6 17.6 18.0 Net Change – WC (2,397) (5,368) (3,759) (3,175) (2,578)
ROIC 18.2 15.0 20.2 16.8 18.6 Direct taxes (1,753) (1,950) (2,212) (3,065) (3,647)
Turnover (days) Net cash from operations 5,972 4,106 10,119 11,866 15,323
Gross block turnover ratio (x) 1.8 1.7 1.8 1.8 1.9 Capital expenditure (4,677) (3,214) (5,020) (8,020) (6,020)
Debtors 54 54 54 56 56 Acquisitions, net 0 0 0 0 0
Inventory 131 155 161 160 155 Investments (5,738) (1,672) 0 (9,230) 0
Creditors 98 107 103 101 101 Others 1,249 1,014 1,420 1,775 2,129
Net working capital 258 256 250 198 211 Net cash from investing (9,166) (3,872) (3,600) (15,476) (3,891)
Solvency (x) FCF (2,972) 338 6,744 (3,411) 11,636
Net debt-equity (0.3) (0.2) (0.2) (0.1) (0.2) Issue of share capital 14 0 0 0 0
Interest coverage ratio 35.9 89.3 60.7 74.7 86.9 Increase/(decrease) in debt (2,503) 104 0 0 0
Net debt/EBITDA (1.3) (1.0) (1.0) (0.5) (0.9) Dividend paid (606) (758) (1,910) (2,094) (2,492)
Per share (Rs) Interest paid (282) (128) (264) (242) (248)
Adjusted EPS 48.3 55.3 83.4 91.9 109.3 Others 6,325 (12,141) 0 0 0
BVPS 351.5 402.7 473.9 551.9 644.9 Net cash from financing 2,948 (12,923) (2,174) (2,337) (2,740)
CEPS 59.8 68.6 98.5 109.0 130.2 Net change in Cash (246) (12,689) 4,344 (5,947) 8,692
DPS 4.0 5.0 12.6 13.8 16.4 Source: Company, Centrum Broking
Dividend payout (%) 8.2 9.0 15.0 15.0 15.0
Valuation (x)
P/E 63.5 55.4 36.8 33.4 28.0
P/BV 8.7 7.6 6.5 5.6 4.8
EV/EBITDA 44.7 39.8 28.1 25.2 20.8
Dividend yield (%) 0.1 0.2 0.4 0.4 0.5
Source: Company, Centrum Broking

Centrum Institutional Research 7

PI Industries 28 April, 2023

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Centrum Institutional Research 8

PI Industries 28 April, 2023

The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and
are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report
and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection.
This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its
directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors
or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person
accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith.
Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates
have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for
service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some
other sort of specific transaction.
As per the declarations given by them, Mr. Rohit Nagraj & Mr. Jay Bharat Trivedi, research analyst and and/or any of their family members do not serve as an
officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by them, they are not received any
compensation from the above companies in the preceding twelve months. They do not hold any shares by them or through their relatives or in case if holds
the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our
employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst
knows of has reason to know at the time of publication of the research report or at the time of the public appearance.
While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are
under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from
doing so.
Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances.
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum
Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an
offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person
unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in
Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any
manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly
authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and
Exchange Board of India before investing in Indian Securities Market.

Ratings definitions
Our ratings denote the following 12-month forecast returns:
Buy – The stock is expected to return above 15%.
Add – The stock is expected to return 5-15%.
Reduce – The stock is expected to deliver -5-+5% returns.
Sell – The stock is expected to deliver <-5% returns.
PI Industries
4200

3200

2200

1200

200
Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23
PI Industries Ltd

Source: Bloomberg

Centrum Institutional Research 9

PI Industries 28 April, 2023

Disclosure of Interest Statement

1 Business activities of Centrum Broking Centrum Broking Limited (hereinafter referred to as “CBL”) is a registered member of NSE (Cash, F&O and Currency Derivatives
Limited (CBL) Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered
Portfolio Manager.
2 Details of Disciplinary History of CBL CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market.

3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH000001469)

PI Industries

4 Whether Research analyst’s or relatives’ have any financial interest in the subject company and nature of such financial interest No

5 Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of the subject company at the end of the month
No
immediately preceding the date of publication of the document.
6 Whether the research analyst or his relatives has any other material conflict of interest No

7 Whether research analyst has received any compensation from the subject company in the past 12 months and nature of products / services for which
No
such compensation is received
8 Whether the Research Analyst has received any compensation or any other benefits from the subject company or third party in connection with the
No
research report
9 Whether Research Analysts has served as an officer, director or employee of the subject company No

10 Whether the Research Analyst has been engaged in market making activity of the subject company. No

11 Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past twelve months; No

Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company
12 No
in the past twelve months;
Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage
13 No
services from the subject company in the past twelve months;

Member (NSE and BSE). Member MSEI (Inactive)

Single SEBI Regn. No.: INZ000205331

Depository Participant (DP)

CDSL DP ID: 120 – 12200
Single SEBI Regn. No.: IN-DP-537-2020

PORTFOLIO MANAGER

SEBI REGN NO.: INP000004383

Research Analyst
SEBI Registration No. INH000001469

Mutual Fund Distributor

AMFI REGN No. ARN- 147569

Website: www.centrumbroking.com
Investor Grievance Email ID: investor.grievances@centrum.co.in

Compliance Officer Details:

Ajay S Bendkhale
(022) 4215 9000/9023; Email ID: compliance@centrum.co.in

Centrum Broking Ltd. (CIN :U67120MH1994PLC078125)

Registered and Corporate Office:
Level -9, Centrum House, C.S.T. Road,
Vidyanagari Marg, Kalina,
Santacruz (East) Mumbai – 400098
Tel.: - +91 22 4215 9000

Centrum Institutional Research 10