Shares of PI Industries rose 9% to Rs 3,410.70 on the BSE in intraday trade on Thursday amid heavy volume on better growth prospects. Over the past two days, the pesticide and agrochemical company has surged 12% after it reported its December quarter (Q3FY23) earnings. Management is confident of delivering more than 20% revenue growth and continuing to improve margins and returns.

At 11:27 am, PI Industries was quoted 7% higher at Rs 3,340, while the S&P BSE Sensex gained 0.56%. Average volumes traded over the counter jumped more than fourfold today. About 2 million shares changed hands on the NSE and BSE.

In Q3FY23, PI Industries’ profit after tax rose 58% YoY to Rs 351.8 crore. The company’s revenue rose 19% year-on-year to Rs 1,613 crore. CSM grew 23% YoY to Rs 1,329 crore, mainly due to volume growth of around 9% and approximately 14% on price, currency and favourable product mix. Domestic formulations rose 2% YoY to Rs 285 crore due to adverse weather conditions and higher channel inventories.