PI Industries’ share has risen as much as 7.34 per cent to an all-time high of Rs 1966 on Wednesday after the company reported 43.2 per cent jump in its consolidated net profit to Rs 145.50 crore for the quarter ended 30 June. The company had reported a profit of Rs 101.60 crore during the same quarter of previous fiscal.

Shares of PI Industries were trading at Rs 1902.65 apiece on the BSE, up nearly 4 per cent from its previous close, while the benchmark Sensex was flat at 37,743.02 points. Net Sales rose 40.60 per cent to Rs 1,060.10 crore in Q1 June 2020 from Rs 754.10 crore in Q1 June 2019. Profit before tax (PBT) jumped 43 per cent to Rs 189.90 crore in Q1 FY21 versus Rs 132.80 crore in Q1FY20.

EBITDA surged 55 per cent to Rs 236 crore in the period under review from Rs 153 crore in the same quarter of the preceding fiscal. EBITDA margin improved to 22 per cent in Q1FY21 as compared to 20 per cent in Q1FY20.

Analysts at Angel Broking Ltd in a result review said “PI industries reported a good set of numbers and the management highlighted that both domestic and export supplies have picked up pace and capacity utilization building back to pre-COVID levels. With the export order book of $ 1.5 billion provides strong revenue visibility for the exports business it remains one of our top picks in the chemical space.”

The company raised Rs 2,000 crores in July 2020 through Qualified Institutional Placement (QIP) of equity shares. Increase in operating cash flow help to continue strategic initiatives. Networking capital to sales improved in the quarter despite COVID-19 disruption and resultant liquidity challenges in the markets.