MUMBAI: Agrochemicals major PI Industries Ltd reported subdued performance for the March quarter but maintained positive outlook for FY21.
The stock gained 2% in Friday morning trade. Revenue grew just 6% compared to double digit growth in earlier six quarters. The company was unable to book revenues worth ₹100 crore during the March quarter due to covid-19.
Revenues in the domestic business dropped 12%, due to delays in product placements. “Domestic revenue was subdued due to product positioning plans getting impacted by this disruption," the company said in a statement.
Exports, on the other hand held up, growing 12% from the year ago quarter. The company expects to recoup the ₹100 crore revenue loss in the current quarter (Q1 FY21).