PI Industries Ltd. exceeded analysts’ expectations in the second quarter of fiscal 2024, reporting a substantial 43.5% increase in profit year-on-year. According to an exchange filing on Wednesday, the company’s profit reached Rs 480.5 crore in the quarter ending September, outperforming the Bloomberg estimate of Rs 419.3 crore.
In Q2 FY24, PI Industries exhibited robust financial performance on multiple fronts. The consolidated revenue witnessed a significant uptick of 19.6%, reaching Rs 2,117 crore compared to the previous year’s Rs 1,770 crore. Similarly, Ebitda surged by 27.7% to Rs 551.5 crore from Rs 431.9 crore, surpassing the Bloomberg estimate of Rs 528.9 crore. The company’s margin also saw improvement, standing at 26.05% as opposed to the estimated 24.70%.
At 10:05 AM on November 9th, shares of PI Industries were trading 2.02% higher, valued at ₹3,651.35, further highlighting investor confidence in the company’s robust financial performance.
