Motilal Oswal's research report on PI Industries
Revenue increased 32% YoY to INR7,075m (our estimate: INR5,943m) in 3QFY19. EBITDA grew 42% YoY to INR1,486m (our estimate: INR1,094m), with the margin expanding 150bp YoY to 21.0% (our estimate: 18.4%). Adj. PAT, thus, increased 33% YoY to INR1,073m (our estimate: INR796m). For 9MFY19, revenue grew 21% YoY to INR20,361m, EBITDA increased 12.3% YoY to INR4,013m (margin contraction of 150bp YoY to 19.7%) and adj. PAT grew 9% YoY to INR2,834m.
Outlook
We value the stock at 24x FY21E EPS (in-line with its five-year average trading multiple), which is justified as the company has shown strong signs of returning to its robust growth cycle post three muted years. Our TP of INR1,023 implies a 16% upside. Maintain Buy.
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