Today, PI Industries rose 2.82 per cent to Rs 3,112.70 after a consolidated net profit of the first quarter surged 40.2 per cent to Rs 262.40 crore on a 29.3 per cent jump in net sales to Rs 1,543.20 crore in Q1 FY23 over Q1 FY22. The exports rose by 42 per cent on a high base, while domestic revenues rose 4 per cent in Q1 FY23 over Q1 FY22.

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During the Apr-Jun quarter, the cost of raw materials consumed rose 8.78 per cent to Rs 868.8 crore, and expenses added related to the company’s benefit by 4.71 per cent to Rs 124.6 crore. EBITDA improved by 39 per cent to Rs 349.5 crore in Q1 FY23 from Rs 252.1 crore posted in Q1 FY22. EBITDA margin increased to 23 per cent compared to 21 per cent reported in the same period last year.

Overheads jumped 21 per cent to Rs 331 crore in Q1 FY23 as against Rs 273.5 crore recorded in Q1 FY22. The rise in overheads was mainly attributable to a sharp increase in power and fuel, freight costs and sales promotion expenses on the launch of new products.

“Trend of rising input costs continued, cost passthrough continued both in exports and domestic during Q1,” PI Industries said in a statement. Overall CAPEX of the company stood at Rs 50.6 crore in Q1FY23. PI Industries manufactures agricultural and fine chemicals and polymers.