P I Industries Performance
Fundamentals of P I Industries
|P/E Ratio (TTM)||39.15|
|Debt to Equity||0.02|
Financials of P I Industries
|Dec 2022||Mar 2023||Jun 2023||Sep 2023|
|Profit before tax||400.2||332.5||445.4||512.2|
|EPS in Rs||23.2||18.49||25.24||31.67|
About P I Industries
History of the Company
PI Industries was founded in December 1946. It was initially incorporated by the name ‘Mewar Oil & General Mills Limited’. In the period 1947-1980, the company established its marketing network across India, installed the Agchem technical plant, and diversified into the mining and mineral processing business. It started the AgChem Formulation, marketing under the VEGFRU brand. During this period, it also made its first export of Agchem formulation.
In the period 1980-2000, the company changed its name to PI Industries Ltd. During this time, it diversified into polymer compounding, custom synthesis and manufacturing and energy metering. It also set up a manufacturing site at Panoli (Gujarat) and installed a Phorate technical Plant.
During the period 2000-2005, the company divested its polymer business. It also expanded its R&D Centre at Udaipur and started a formulation plant at Jammu. During the next period of 2005-2012, PI Industries commissioned a new manufacturing site at Jambusar, Gujarat. On 5 November 2009, PI Industries Limited announced an investment of ₹50 crore into the company from Standard Chartered Private Equity (SCPE) via convertible preference shares and debentures. In 2011, the company announced the inauguration of its PI-Sony Research Centre at Udaipur for research on synthetic organic chemicals for the electronics industry.
In 2014-2015, PI Industries commercialised three new molecules for custom synthesis exports. It also established an office in Germany in 2014-2015. In 2015-16, it commissioned two major Multi Product Plants at Jambusar in Gujarat. In June 2017, PI Industries announced an equal joint venture with Kumiai Chemical Industry Co., Ltd. Japan to manufacture and distribute Bispyribac Sodium. In FY 2022-23, the Company launched 7 new products, namely Distruptor, Brofreya, Dinoace, Taurus (Insecticide), Tomatough (Biostimulant), Provide (Herbicide) & Sectin (Fungicide).
PI Industries Limited (PI) is an agro-sciences company with a robust presence in both the domestic and export markets. Its revenues are divided into 2 main categories. It earns roughly 76% of its revenues from the active ingredients and intermediaries and around 23% of its revenues from the sale of formulations.
The company’s portfolio of chemicals includes:
- Insecticides – Top chemicals in this category include Tolfenpyrad 15% EC, Cypermethrin 25% EC, Dinotefuran 20% SG, etc.
- Fungicides – Top products in this category include Kitazin 48% EC, Propineb 70% WP, Pyraclostrobin 10% CS, etc.
- Herbicides – Top products in this category consists of Atrazine 50% WP, Clodinafop-Propargyl 15% WP, Bispyribac Sodium 10% SC, etc.
The company also produces speciality products widely used in farms across the globe. It is the biggest producer of generic molecules like Profenofos, Ethion and phorate in India.
As of FY 2021, It earns around 77% of its revenues from exports and the remaining 23% from domestic sales. In FY21, the company also entered into the pharma industry. It successfully developed and scaled up a COVID-19 drug intermediate.
PI Industries has the following major subsidiaries:
- PI Life Science Research Limited – This company is dedicated to developing new products.
- PI Japan Co. Limited – This company is meant to carry out the operations in Japan.
- Jivagro Limited – This company is engaged in the horticulture business.
PI Industries also has other subsidiaries such as PILL Finance and Investments Limited, PI Bioferma Private Limited, PI Fermachem Private Limited, PI Health Sciences Limited
Mr. Mayank Singhal, Vice Chairman and Managing Director
Mr. Singhal became the company’s Joint Managing Director in 2004, its Managing Director and CEO in 2009 and finally, Vice Chairman and Managing Director in 2019. He has experience of over two decades in the fields of chemicals, intermediate and agrochemical industries. He has brought about major changes in the operations of the company and expanded its customer base.
Mr. Rajnish Sarna, Joint Managing Director
Mr. Sarna has been associated with PI for nearly 25 years. He has managed numerous portfolios in the company, from Finance, IT, Business Development, and CSM operations to mergers and acquisitions. His current role is focused on identifying new business opportunities, mergers and acquisitions and strategic initiatives, including joint ventures.
The following are some of the major corporate actions undertaken by the company in recent years.
The company had issued bonus shares in the following years:
- In 2009, the company issued bonus shares at a 1:1 ratio.
- In 2010, the company issued bonus shares at a 1:2 ratio.
The company conducted a stock split in the following years:
- In August 2011, the company conducted a stock split from ₹10 to ₹5 per share.
- In April 2013, the company conducted a stock split from ₹5 to ₹1 per share.
Mergers and Acquisitions
- The company acquired a 100% stake in Isagro (India) Agrochemicals Pvt Ltd in December 2019 from Isagro S.p.A for a consideration of 443 crores.
- The Company’s subsidiary, PI Health Sciences Limited, incorporated a wholly-owned subsidiary in the Netherlands i.e., PI Health Sciences Netherlands B.V on April 07, 2023 and acquired 100% shareholding in two companies i.e., Therachem Research Medilab (India) Private Limited and Solis Pharmachem Private Limited on June 02, 2023.
- PI Health Sciences Netherlands B.V. incorporated a wholly-owned subsidiary in the United States i.e., PI Health Sciences USA LLC, on April 24, 2023 and acquired 100% shareholding of Archimica S.p.A. on April 27, 2023.
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What is the total Asset of Pi Industries?
The total asset of Pi Industries is Rs. 7,791 crores.
What is the main business of Pi Industries?
The main business of Pi Industries is to sell granular formations of agrochemicals, herbicides, fungicides, and other specialty products in India. Pi Industries has become the largest producer of generic molecules including Profenofos, Ethion, and Phorate.
Who are the promoters of Pi Industries?
The primary promoters of Pi Industries are Mayank Singhal, Madhu Singhal, Pooja Singhal, Salil Singhal, and Shefali Khushalani.
What are the Subsidiaries that comes under Pi Industries?
The seven subsidiaries that come under Pi Industries are PI Life Science Research Limited, PI Japan Co. Limited, PILL Finance and Investments Limited, Jivagro Limited, PI Bioferma Private Limited, PI Fermachem Private Limited, and PI Health Sciences Limited.