HOLD

Result Update PI INDUSTRIES Target Price

3rd Aug 2021 AGROCHEMICAL 3530

Growth Remains Intact with Foray into Pharma Segment

(CMP as of Aug 02, 2021)
PI Industries (PIIND), in Q1FY22, reported a consolidated revenue at Rs 1,194 Cr
CMP (Rs) 3,319
(8%lower than our estimates) as against Rs 1,060 Cr in Q1FY21, 13% YoY. This
quarter witnessed a healthy sequential growth in exports up by 31% YoY on account of Upside /Downside (%) 6%

the strong order book of $1.5 Bn. Gross Margin improved by 1.7% with the change in High/Low (Rs) 3,355/1,750
product mix in the domestic business, EBITDA Margin came in at 21% and was ~77 Market cap (Cr) 50,353
bps lower YoY due to increase in operating expenditure as a % of sales. EBITDA stood Avg. daily vol. (6m) Shrs. 436,039
at Rs 249 Cr, up 17% YoY, in line with our estimates (Rs 249 Cr). Other income was No. of shares (Cr)
15.17
up at Rs 28 Cr led by QIP deposit that resulted in incremental PAT at Rs 184 Cr,
(higher than our estimates by ~1%) and higher ~26% YoY. We expect the company to Shareholding (%)
continue a healthy growth trajectory going forward on account of better sowing Dec-20 Mar-21 Jun-21
seasons supported by higher reservoir levels across regions and strong export growth. Promoter 46.8 46.7 46.7

Acquires API & Intermediate business of Ind-Swift Laboratories for Rs 1,530 Cr. FIIs 19.5 19.4 19.6

The acquired business has diversified the company's portfolio of 20+ products with MFs / UTI 16.2 13.9 13.2
leadership position (global top 5) in several of them and a good R&D product pipeline. Banks /FIs 0.0 0.0 0.0
PI is aiming to create a differentiated position in the Pharma sector by leveraging its Others 17.5 20.0 20.4
core competencies in complex chemistry, operational excellence, technology platforms,
and global reach through partnerships with large innovators. The expansion would Financial & Valuations
significantly de-risk its agrochemical dependence and at the same time, opens the gate Y/E Mar (Rs. Cr) 2022E 2023E 2024E
for bigger opportunities. The acquired business operates with a revenue scale of ~Rs Net Sales 5,617 7,020 8,704
860 Cr and EBIDTA margin of ~23% and access to strong customer franchise in the EBITDA 1,314 1,720 2,176
regulated/ROW markets/product portfolio. Net Profit 893 1,170 1,489

EPS (Rs.) 58.8 77.0 97.9

Strong growth in the CSM segment
PER (x) 56.5 43.1 33.9
CSM grew by 31% yoy to Rs 807 cr in Q1FY22 which was driven by increasing
EV/EBITDA (x) 36.7 27.7 21.5
contribution from ISAGRO with proactive raw material inventory management and
ROE (%) 15.5 17.5 18.7
efficient capacity planning. Demand for key commercialized molecules remains strong
with ~6 new molecules planned to be commercialized in FY22. Commissioning of 3 ROCE (%) 24.7 26.8 30.0

new molecules is under progress with the order book continuing to be maintained at Growth Estimates (%)
similar levels of US$1.5 Bn. PIIND expects to sustain a similar growth trajectory in Y/E Mar FY21 FY22E FY23E FY24E
upcoming quarters giving strong visibility of revenue in the segment with an increase in Revenue Growth 36.0 22.7 25.0 24.0
customer inquiries (30+) across the Agri and pharma CSM space. EBITDA Margin 22.1 23.4 24.5 25.0

Domestic formulation segment to remain strong PAT Growth 61.1 21.0 30.9 27.2

Domestic revenues de-grew by ~13% YoY in Q1FY22 to Rs 387 Cr given higher base ESG disclosure Score**
previous in the year and some business impacted due to scattered rainfall in some part Particulars Score
of the country and Covid led disruption in the month of May’21. Going forward, the Environmental NA
business outlook remains positive on the back of normal monsoon for and 3 new Social NA
products are expected to be launched in Q2FY22 which would strengthen the position NA
Governance
in the rice, cotton, and horticulture portfolio.
Total ESG Disclosure Score NA
Our View Source: Bloomberg, Scale: 0.1-100
PIIND’s Q1FY22 performance was led by strong export demand and healthy growth in
the domestic business coupled with ISAGRO business integration. We believe PIIND Relative performance
is well placed in times to come given clear revenue visibility in the CSM segment and 275
strong domestic formulation business with foray in the fast-growing adjacent Pharma 225
CSM segment. The stock currently trades at 34x at FY24E EPS, which we believe
175
is attractive, and revise our estimates with a HOLD rating with a target price of
Rs 3530/share (Rs 2850/share earlier). We value PIIND at 36x (PE its FY24E EPS) 125
given the strong performance on the export and domestic front and wait for 75

more clarity on ramping up of newly acquired business that could be value 25

Jan-20 Apr-20 Aug-20 Dec-20 Apr-21 Jul-21
accretive for shareholders.
P I Industries BSE Sensex

Key Financials (Consolidated) Source: Capitaline, Axis Securities

(Rs Cr) FY21 FY22E FY23E FY24E
Net Sales 4,577 5,617 7,020 8,704
Gaurav Uttrani
EBITDA 1,012 1,314 1,720 2,176 Research Analyst
Net Profit 734 893 1,170 1,489 Email: gaurav.uttrani@axissecurities.in
Ph: +91 9532866097
EPS (Rs) 48.3 58.8 77.0 97.9
PER (x) 68.7 56.5 43.1 33.9 Suvarna Joshi
EV/EBITDA (x) 47.6 36.7 27.7 21.5 Sr. Research Analyst
ROE (%) 18.5 15.5 17.5 18.7 Call: (022) 4267 1740
ROCE (%) 24.7 24.7 26.8 30.0 email: suvarna.joshi@axissecurities.in

Source: Company, Axis Research

1
 Other Key Concall Takeaways

 The company intends to launch 5 new products in FY22 in the domestic market, likely to strengthen rice, cotton,
and horticulture portfolio.

 Successfully commissioned 5 molecules at recently acquired Isagro Site and expect to commercialize ~3 new
molecules in FY22. 3-4 products are in the non-agro chem space and others are in the agro chem space while 2-3
are newly innovated products.

 Another MPP added to be made ready by Q2FY22, thus enhancing the overall capacities.

 Further, up-gradation of the ISAGRO facility will be seen in the coming few months, and capacity utilization at the
ISAGRO facility in Q4FY21 significantly improved to ~75%.

 Jivagro products are ready in a new pack and would be available in the market from Q2FY22 and onwards.

 On the M&A front, the company is evaluating a couple of options to invest in. Going forward the management
expects an improvement in capital efficiency with more investment in technological advancement and expects
asset turnover to improve from a range of 1.5-2.0x to 2.0-2.5x.

 Going forward larger focus would be on improving asset turns through engineering technology which will help
generate higher throughput from existing capacities, thus reducing CAPEX but further improving return ratios.

 24-25 molecules are at a commercial scale with 30+ products at various stages of the R&D pipeline.

Guidance

 Strong visibility of 15%+ growth for 6-8 quarters with no capacity constraints. The company intends to maintain
EBITDA margins in the range of 22-23% going forward.

2
Exhibit 1: Q1FY22 Financial Highlight Result Update

Axis Sec Axis Sec QoQ YoY

Rscr 1QFY22 1QFY21 YoY (%) 4QFY21 FY21 FY20
Est Var % (%)

Net Sales 1,194 1,290 (7.5) 1,060 12.6 1,197 (0.3) 4,577 3,367 36.0

Gross Profit 522 555 (5.8) 446 17.3 504 3.6 2,006 1,519 32.0

Gross Margins % 43.8 43.0 75.9 42.0 173.5 42.1 164.9 43.8 45.1 (130.1)

Staff Cost 119 119 0.3 99.1 20.1 109.6 8.6 417 321 29.9
Other Operating
155 187 (17.4) 117.2 31.8 167.1 (7.5) 577 480 20.0
expenses
EBITDA 249 249 (0.0) 229 8.6 227 9.5 1,012 718 41.0

EBITDA margins (%) 20.8 19.3 154.9 21.6 (77.1) 19.0 185.3 22.1 21.3 79.3

Depreciation 49 45 8.7 43 14.1 45 8.7 175 136 28.2

Interest 3 4 (22.7) 10 (64.6) 4 (22.7) 28 17 65.9

Other Income 28 44 (37.3) 8 237.8 44 (37.3) 125 49 154.4

PBT before Exp.
224 244 (8.0) 190 18.2 222 0.9 934 614 52.3
Items
Exceptional items - - - - - - - - - -

PBT 224 244 (8.0) 190 18.2 222 0.9 934 614 52.3

Tax (incl deferred) 41 62 (34.8) 28 48.0 45 (9.6) 200 156 28.4

PAT 184 181 1.3 146 26.3 180 2.2 738 458 61.3

PAT margins (%) 15.4 14.1 132.4 13.7 166.4 15.0 37.0 16.1 13.6 252.9

EPS 12 12 1.3 9.6 26.3 11.8 2.2 49 33 46.0

Segment Performance
Axis Sec Axis Sec QoQ YoY
Rscr 1QFY22 1QFY21 YoY (%) 4QFY21 FY21 FY20
Est Var % (%)

CSM 807 1,006 (19.8) 616 31.0 1,006 (19.8) 3,323 2,466 34.7

% of sales 67.6 78 58.1 84.0 72.6 73.3

Domestic 387 191 102.6 444 (12.8) 191 102.6 1,255 900 39.4

% of sales 32.4 15 118.9 41.9 16.0 27.4 26.7

Total 1194 1,197 (0.3) 1059.861 12.7 1,197 (0.3) 4,578 3,366 36.0
Source: Company, Axis Securities

Revised Estimates
Rs cr Revised Old Change (%)
Particulars FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E
Net Sales 5,617 7,020 8,704 5,617 7,020 - 0% 0% -
EBITDA 1,314 1,720 2,176 1,314 1,650 1,643 0% 4% -
EBITDA Margin 23 25 25 23 24 23 - - -
PAT 893 1,170 1,489 876 1,082 1,070 2% 8% -
EPS (Rs.) 58.8 77.0 97.9 57.6 71.2 70.4 2% 8% -

Source: Company, Axis Securities

3
Business Outlook (Presentation)

 Domestic: Business outlook remained robust with strong growth expected to continue in FY22 in domestic brands
with the expected launch of products. Horticulture, rice, and pulses crop are expected to drive the growth.

 CSM: 5-6 pipeline molecules at various stages of development to be commercialized in the coming Fiscal.
Another MPP is planned to be made ready by Q2FY22, thus enhancing the overall capacities. Order book
continues to remain robust at $1.5 Bn with high visibility of sustainable growth in the next 3-4 years.

 Inorganic Expansion: Pursuing inorganic growth opportunities to diversify into adjacencies, widen technology
portfolio, and de-risk operations. Build new IP building for deepening our technological capabilities, de-risking
current operations, and opening up newer opportunities. Actively evaluating few pharma assets and working with
a global consulting firm for crystallization and successfully implementing a strategic road map of diversification.

 Isagro (Asia)’s integration:

 CSM to merge with PI Industries- Enhance capacity utilization to >90% & triple the revenue generation in the next couple
of years. 5 pipeline products of PI’s CSM exports commercialized in FY21 & ~3pipeline molecules to be commercialized in
FY22 at Isagro mfg site. The merger of the remaining business of Isagro with PI is expected in Q1FY22 upon receipt of
regulatory approvals from NCLT.

 Domestic Marketing (B2C) Jivagro: Leveraging synergistic integration through, Horticulture focussed PI product portfolio
in Jivagro key territories, utilizing PI large manufacturing & supply chain capacity to reduce RM & PM cost, logistic synergy
through common warehouses & transport. NCLT order in favor of demerger of Jivagro from Isagro & subsequent
operational integration on track with the launch in Q1FY22 Differentiated GTM by crop, expertise-based digitally-enabled
front-end. >20% CAGR growth over the next 4-5 years. Jivagro products are ready in the new pack & would be available in
the market from Q2FY22 onwards

4
Financials (Consolidated)
Profit & Loss (Rs Cr)
Y/E March FY21 FY22E FY23E FY24E
Total Net Sales 4,577 5,617 7,020 8,704
% Change 36.0 22.7 25.0 24.0
Total Raw material Consumption 2,571 3,073 3,791 4,657
Staff costs 417 511 632 783
Other Expenditure 577 719 878 1,088
Total Expenditure 994 1,230 1,509 1,871
EBITDA 1,012 1,314 1,720 2,176
% Change 41.0 29.9 30.8 26.5
EBITDA Margin % 22.1 23.4 24.5 25.0
Depreciation 175 200 215 245
EBIT 837 1114 1505 1931
% Change 44.0 33.1 35.0 28.3
EBIT Margin % 18.3 19.8 21.4 22.2
Interest 28 30 21 21
Other Income 129 110 80 80
PBT 938 1194 1564 1990
Tax 200 301 394 502
Tax Rate % 21.3 25.2 25.2 25.2
APAT 738 893 1,170 1,489
% Change 61.1 21.0 30.9 27.2
Source: Company, Axis Securities

Balance Sheet (Rs Cr)

Y/E March FY21 FY22E FY23E FY24E
Share Capital 15 15 15 15
Reserves & Surplus 5,327 6,141 7,231 8,640
Net Worth 5,342 6,157 7,247 8,655
Total Borrowings 257 430 490 490
Deferred Tax Liability 80 50 60 60
Long Term Provisions 10 40 50 50
Other Long Term Liability 56 70 70 70
Capital Employed 5,745 6,747 7,917 9,325
Gross Block 2,616 3,339 3,905 4,474
Less: Depreciation 608 806 1,032 1,264
Net Block 2,007 2,533 2,873 3,210
Other Non Current Assets 435 374 404 404
Investments 713 207 227 227
Sundry Debtors 765 1,231 1,539 1,908
Cash & Bank Bal 1,620 2,243 2,821 3,579
Loans & Advances 10 8 8 8
Inventory 1,053 1,195 1,433 1,776
Other Current Assets 399 320 330 330
Total Current Assets 3,846 4,998 6,130 7,601
CurrLiab&Prov 1,257 1,366 1,718 2,118
Net Current Assets 2,589 3,632 4,412 5,484
Total Assets 5,745 6,747 7,917 9,325
Source: Company, Axis Securities

5
Cash Flow (Rs Cr)
Y/E March FY21 FY22E FY23E FY24E
PBT 939 1,194 1,564 1,990
Depreciation & Amortization 175 200 215 245
Net Finance Interest and other expenses 28 30 21 21
Other Changes (122) (110) (80) (80)
Chg in Working cap (130) 155 (233) (313)
Direct tax paid 165 301 394 502
Cash flow from operations 725 1,168 1,093 1,361
0 0 0 0
Chg in Gross Block -438 -563 -555 -583
Chg in Investments (550) - - -
Others (1,442) 110 80 80
Cash flow from investing (2,430) (453) (475) (503)
0 0 0 0
Proceeds / (Repayment) of ST Borrowings (Net) (179) 28 60 -
Proceeds from QIP 1,974 - - -
Finance Cost paid -24 -30 -21 -21
Dividends paid (61) (79) (80) (80)
Other repayment (20) - - -
Cash flow from financing 1,690 (81) (41) (101)
Chg in cash (15) 634 577 758
Cash at start 124 110 743 1,321
Cash at end 110 744 1,321 2,079
Source: Company, Axis Securities

Ratio Analysis (%)

Y/E March FY21 FY22E FY23E FY24E
Growth (%)
Net Sales 36.0 22.7 25.0 24.0
EBITDA 41.0 29.9 30.8 26.5
APAT 61.1 21.0 30.9 27.2
Per Share Data (Rs.)
Adj. EPS 48.3 58.8 77.0 97.9
BVPS 351 405 477 569
Profitability (%)
EBITDA Margin 22.1 23.4 24.5 25.0
Adj. PAT Margin 16.1 15.9 16.7 17.1
ROCE 24.7 24.7 26.8 30.0
ROE 18.5 15.5 17.5 18.7

Valuations (X)
PER 68.7 56.5 43.1 33.9
P/BV 9.4 8.2 7.0 5.8
EV / EBITDA 47.6 36.7 27.7 21.5
EV / Net Sales 10.5 8.6 6.8 5.4
Turnover Days
Asset Turnover 1.5 1.7 1.8 2.0
Inventory days 84 78 74 74
Debtors days 56 80 80 80
Creditors days 63 60 62 62
Working Capital Days 77 97 92 93
Gearing Ratio
Debt: Equity (x)
Net Debt to Equity (0) (0) (0) (0)
Source: Company, Axis Securities

6
 PI Industries Price Chart and Recommendation History

(Rs)

Date Reco TP Research

05-Oct-20 BUY 2,155 Initiating Coverage
02-Nov-20 HOLD 2,155 Result Update
04-Feb-21 BUY 2,460 Result Update
01-Jun-21 BUY 2,875 Top Picks
20-May-21 BUY 2,850 Result Update
03-Aug-21 HOLD 3,530 Result Update

Source: Axis Securities

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About the analyst

Analyst: Gaurav Uttrani

Contact Details: gaurav.uttrani@axissecurities.in

Sector: Agriculture and Consumer Discretionary

Analyst Bio: Gaurav Uttrani is a Chartered Accountant (ICAI) with about 2 years of experience in Equity
market and research.

Analyst: Suvarna Joshi

Contact Details: suvarna.joshi@axissecurites.in

Sector:FMCG, Retail, Sp. Chemicals, Mid-Caps

Analyst Bio: Suvarna Joshi is MBA (Finance) from Mumbai University with about 10years of experience in
Equity market and research.

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a
subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and has its various subsidiaries
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4. I/We, Suvarna Joshi, PGDBM - (Finance), and Gaurav Uttrani author/s and the name/s subscribed to this report, hereby certify that all of the views expressed in
this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We (Research Analyst) also certify that no part of my/our
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8
customers may receive this report at the same time. ASL will not treat recipients as customers by virtue of their receiving this report.

DEFINITION OF RATINGS

Ratings Expected absolute returns over 12-18 months

BUY More than 10%

HOLD Between 10% and -10%

SELL Less than -10%

NOT RATED We have forward looking estimates for the stock but we refrain from assigning valuation and recommendation

UNDER REVIEW We will revisit our recommendation, valuation and estimates on the stock following recent events

NO STANCE We do not have any forward looking estimates, valuation or recommendation for the stock

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