India's PI Industries jumps on rise in Q3 profit

PI Industries

15/02/2023 05:13

** Shares of PI Industries  PIIL.NS  rise as much as 7.26%
to 3,255 rupees - highest in nearly four weeks since Jan. 20
    ** Rise comes after agro-chemicals maker reported 58% rise
in Q3 consolidated net profit to 3.52 bln rupees ($42.49
million)
    ** PIIL also declared interim dividend of 4.5 rupees per
share for FY2023
    ** Operating performance in-line with expectations, says
Motilal Oswal; lists favourable product mix, rise in volumes as
major reasons for jump in earnings
    ** Prabhudas Lilladher terms PIIL's Q3 performance
"stellar"; says favourable product mix and better operating
leverage led to core profit expansion
    ** About 1.21 mln shares change hands as of 10:28 a.m. IST,
more than 5x 30-day avg of 229,810 shares: Refinitiv data
    ** Of 24 analysts tracking PIIL, 15 maintain "buy", two
suggest "sell" and seven recommend "hold"; median TP is 3,705
rupees: Refinitiv data
($1 = 82.8510 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))