PI Industries Ltd. Investor Presenta!on June, 2012

<strong>PI</strong> <strong>Industries</strong> <strong>Ltd</strong>.
<strong>Investor</strong> <strong>Presenta</strong>1on
June, 2012

Key Highlights
• Uniquely posi1oned with its non-­‐compete and IP driven business model to leverage its strong reach and
brand with millions of Indian farmers on one side and chemical process research & manufacturing
capabili9es to partner global innovators on the other side.
• Market leaders in chosen products of Agri-­‐Inputs business in India with a brand equity of over 5 decades,
vast marke9ng & distribu9on network in rural India. Benefi?ng from high-­‐potenAal agri-­‐opportunity and
expected to grow at a high rate given the robust pipeline of in-­‐licensed products.
• Leaders in Custom Synthesis of agrochemicals and specialty products in India serving global customers.
Leveraging strong capabiliAes in process research, scale up and contract manufacturing supported with world
class research and manufacturing set up. Strong order book posiAon of ~US$ 315 mn and constantly
growing; giving high visibility of sustainable growth. Strong pipeline of products at R&D / kilo plant / pilot
plant stage.
• Upside expected from new opportuniAes emerging in niche chemicals areas; Tie up with Sony Corpora9on
for joint research in the area of organic chemicals having applicaAon in Electronics is one such success.
• Demonstrated robustness of business model over last several years: with Revenue growth of almost 2 Ames
and PAT growth of almost 3 Ames over last 3 years. Ramp-­‐up in operaAonal efficiencies exhibited by
expansion in EBIDTA margin from ~ 13.5% in FY2009 to ~ 17% in FY2012.
2

Key Highlights
• Improved Balance Sheet; D/E improved from ~ 2.0 in FY2009 to ~0.65 in FY2012 paving way for expansion to
seize future growth opportuniAes.
• Strong visibility to grow topline by ~30% over next few years. Margin expansion is inevitable owing to
improving product mix, higher operaAng leverage and sale of the low margin polymer business.
• Business managed by dedicated team of professionals guided by strong Board of 10 Directors [3 execuAve,
6 independent, 1 <strong>Investor</strong> director] having experAse and vast experience in different business aspects. More
than 110 people at deployed in Company’s R&D cell including ~ 35 PhDs and Masters.
• Divestment of non-­‐core low margin Polymer Compounding business to Rhodia helped unlock resources to
support growth momentum in core businesses.
• Current promoter holding is ~64%, MFs/banks/DII has 4.1%, FIIs have 3.3% and general public have ~28.6%.
3

Introduc)on To <strong>PI</strong> <strong>Industries</strong>
4

We excel in what we do
AGRI INPUTS – AGRO CHEMICALS, SPECIALTY FERTILIZERS & PLANT
NUTRIENTS
• Among the top 5 Indian Agchem companies
• Retailing, distribuAon & trading through 40,000+ strong retailer
base
• MarkeAng agro-­‐chemicals now with added focus on bio plant
nutrients, specialty ferAlizers and a pipeline of exclusive
markeAng rights of 7-­‐8 new products over the next 3-­‐4 years
• Several company products leaders in their category
• Strong industry reputaAon for innova1ve marke1ng policies,
pracAces and I T backbone as a last mile connect
CUSTOM SYNTHESIS – FINE CHEMICALS
• Custom Synthesis for Global MNCs
• Contracted with Japanese and European cos. and in select
segments in USA
• Wide end-­‐use segment such as agrochemicals and
intermediaries, imaging chemical, niche pharma intermediates,
prinAng chemicals,etc
• Product focus on patented, high value, complex chemistry and
early stage molecules
• Excellent reputaAon for reliability
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
Y-­‐o-­‐Y comparison (Rs. Million)
8750
7160
1455
1135
1005 641
Net Sales EBITDA PAT
FY2012 FY2011

Sustained Evolu1on and growth
Rs. Million 2011 2012
Net Sales 7,159.8 8,749.7
EBITDA 1,135.2 1,455.4
PAT 641.2 1,005.4
ROCE 24.9 24.8
Net Debt: Equity 1.1 0.7
Networth 2106 3192
1947 1960s 1970s 1980s 1990s 2000s 2008 2011
Incorporation
Start of Agchem Formulation
Export of technical know how
for setting up Agchem AI mfg.
Plant
Installation of phorate technical
plant
Diversified in Energy Metering
business, later created a
separate co. named Secure
Meters <strong>Ltd</strong>
First export of Agchem Formulation
R&D recognized by Min. of Sc. and Tech.
Installed Agchem Technical Plant
Diversified into mining, later hived
off into separate company named Wolkem
Name changed to <strong>PI</strong> <strong>Industries</strong> <strong>Ltd</strong>.
Diversified into polymer
compounding
Diversified into Custom Synthesis
ISO 9002 and 14001 certifications
Accredited by OHSAS 18001
and ISO 17025
Established <strong>PI</strong> Life Sciences
Research <strong>Ltd</strong>.
Migration to SAP Platform
New Formulations plant at
Jammu
New multi product plants for
Fine Chemicals
Expanded Capacity of Fine
Chem by installing 2
Multiproduct Plants
Co-Marketing tie up with
Bayer/BASF
Explosive growth in
Agri-Inputs & Custom
Synthesis
Divestiture of Polymer
Compouding
6

Robust Enterprise Structure
Subsidiaries
<strong>PI</strong> <strong>Industries</strong> <strong>Ltd</strong>.
Main Business Entity
Divided into 2 Business Units
Strategic Business Units
Agri-Input
Custom Synthesis
<strong>PI</strong> Life Science <strong>Ltd</strong>.
100% subsidiary of <strong>PI</strong>IL
Custom Research Division
<strong>PI</strong> Japan K.K. <strong>Ltd</strong>.
100% subsidiary of <strong>PI</strong>IL
Market Development Division
<strong>PI</strong>IL Finance &
Investment
100% subsidiary of <strong>PI</strong>IL
Investment Division
7

Solid Infrastructure Set-­‐up
Agri-Inputs
• 3 formulaAon and 2 manufacturing faciliAes based in north (Jammu) and
west (Panoli, Gujarat)
• CapAve gas based power plant
• Integrated process development team to handle scale up, safety and waste
treatment aspects
• 40,000+ retail points, 10000+ distributors, 15 retails chains as partners
• 29 stock points located across India. 300 employees located in 145 territories
• LogisAcs handled centrally using the concept of hub & spokes in order to
opAmize inventory in a dynamically driven demand
• Fully on ERP -­‐ SAP
Custom Synthesis
• 5 mulA-­‐product plants and 88,000 sq. m area in Panoli, R&D facility at Udaipur
equipment Vaccum systems, fracAonaAng columns, filters &dryers
• Another manufacturing site spread on ~90000 sqm coming up in Gujarat.
• Up to date waste treatment faciliAes for solid, liquid & gas, CapAve gas based
power plant
• Integrated from process evaluaAon, bench scale trials, kilo lab, pilot plant to
commercial producAon
• High quality plant & machinery like SS 316 reactors, vessels, heat exchange
systems and support
• Global reach through own offices in Japan, Sourcing office in China
• In-­‐house engineering capabiliAes for flexibility and quick turnaround
• Fully on ERP -­‐ SAP
8

Well regarded Board
Salil Singhal,
Chairman & Managing Director
(Promoter Director)
Mayank Singhal
Managing Director & CEO (Promoter
Director)
Anurag Surana
(Whole Time Director)
Narayan Sheshadri
Independent Director
Raj Kaul
Independent Director
Took charge of the family business in July ‘79. aser the demise of the founder. He headed
PesAcide AssociaAon of India (now Crop Care FederaAon of India) as Chairman for 17 yrs and is
now Chairman Emeritus. He was the Chairman of the Environment Commitee & FICCI for 5 years.
He is currently on the Boards of Wolkem India, Historic Resorts Hotels, The Lake Palace Hotels and
Motels, Secure Meters, Somani Ceramics, Usha MarAns, <strong>PI</strong>LL Finance and Investments and EnAty
Holding PTE, Singapore.
An Engineering Management Graduate from the UK, joined <strong>PI</strong> in 1988. Worked at the
plant level for 2 years and was inducted to the Board of the Company in 2000 and
appointed as Joint MD in 2004. He is also a Director on the boards of <strong>PI</strong> Life Science Research,
<strong>PI</strong>LL Finance and Investments and Samaya Investment and Trading.
A B.Com (Hons) graduate, joined Company in 1995. IniAally, he handled the polymer
compounding business and later he managed the enAre manufacturing operaAons of the
Company at Panoli. His current responsibiliAes are in the operaAons, manufacturing, quality
control, commercial, and general management areas. He is on the board of <strong>PI</strong>LL Finance, <strong>PI</strong> Life
Science Research and WILL Investments.
He is a Charted Accountant with specialized knowledge in areas of financial & consultancy
services. He is a Director on the Board of <strong>PI</strong> since 2006. He started his career with Arthur
Anderson in the business consultancy area. Then he was with KPMG and became the managing
partner of the business advisory pracAce of the firm. He is also the founder chairman & CEO of
Halcyon Group, an investment advisory & management services organizaAon.
He began his career with NELCO, then he Joined Ciba India and later moved to Bayer India and
became its ExecuAve Director/CEO for their crop protecAon business. He later moved to Bayer AG
head office and assigned to their M&A divison, where he rose to become the Vice President
reporAng to their Board. He has successfully concluded over 200 M&A transacAons in the areas of
agro-­‐chemicals, biotechnology etc. Currently, he is also on the Board of Gowan Company, Yuma
in Arizona (USA)
9

Well regarded Board
P N Shah
Independent Director
P K Lahiri
Independent Director
Bimal Raizada
Independent Director
Ramni Narula
Independent Director
He is a Chartered Accountant and a partner of M/s Shah & Co., a CA firm. He is on the board of <strong>PI</strong>
<strong>Industries</strong> since 1991. He was the President of the ICAI and has excepAonal knowledge and
understanding of various corporate and taxaAon laws. Currently, he is also on the board of Indo
Count, Secure Meters, Taparia Tools, Lipi Data Systems, Wolkem India, LIC Mutual Fund Trustee
Company and Pranavaditya Spinning Mills.
Mr. Pravin K. Laheri (IAS Retd.) Gujarat cadre studied at St. Xavier’s College and Government Law
College, Mumbai. Mr. P.K. Laheri joined Indian Railways in 1967 and Indian AdministraAve
Services in 1969. He served in Government of Gujarat in various capaciAes -­‐ District Development
Officer (Jamnagar), Collector (Banaskantha), Director -­‐ Cotage <strong>Industries</strong>, Joint Secretary
(EducaAon Department), <strong>Industries</strong> Commissioner, Principal Secretary to Five Chief Ministers of
Gujarat, Principal Secretary (Rural Development, InformaAon etc.) and Chief Secretary. He also
worked as ExecuAve Director of NaAonal InsAtute of Fashion Technology (NIFT) in Government of
India.
Mr. Bimal K. Raizada is a Chartered Accountant and a member of Board of Governors, InsAtute of
Internal Auditors, New Delhi, Treasurer of the AssociaAon of UK Chartered Accountants in India.
He is also on the Board of Ranbaxy DiagnosAcs <strong>Ltd</strong>., BVI-­‐HR PracAce Pvt. <strong>Ltd</strong> and Insta Power <strong>Ltd</strong>.
Ms Nirula holds Bachelor’s Degree in Economics and Master’s Degree in Business AdministraAon
from Delhi University. She has more than three decades of experience in the financial sector,
beginning her career with the erstwhile ICICI Limited in the year 1976. Since then she has held
various leadership posiAons in areas of Project Financing, Strategy, Planning, Resources and
Corporate Banking
Rahul Raisurana
Rahul Raisurana has a Masters degree in InternaAonal Management from Thunderbird School of
Global Management, USA and a Masters degree in Business AdministraAon from Graduate School
of Management, Clark University, USA. Mr. Rahul Raisurana is presently Managing Director at
Standard Chartered Private Equity Advisory (India) Pvt. Limited wherein he founded and currently
leads its Mid Market focused private equity business in India. He has over 20 years of wide
ranging internaAonal professional experience in private equity, risk management and corporate
and investment banking.
10

Model And Strategy
11

<strong>PI</strong>’s Business Model
AGRI
INPUTS
<strong>PI</strong>
CUSTOM
SYNTHESIS
Agri-­‐business
• Launch of new generation product/formulations having substantial market share
potential
• Continuing exclusive co-marketing agreements with global innovators for existing
successful products
• Entry into new agri-product categories such as hybrid seeds
Custom Synthesis
An integrated en1ty comprising of two
Business models and sustained growth prospects
• Strong order book position in excess of US$ 315 mn
• Good visibility of volume growth matched adequately with additional mfg. capacities
• Focus on patented products with longer life cycles

Domes1c Opportunity In Agri-­‐business
Domes1c Demand for Food
1
Growing
popula)on
to sustain
demand for
food grains
million tons
400
350
300
250
200
150
100
50
0
14
30
102 95
64
33
156
81
355
192
110
43
180 182
93
76
ICAR Vision 2030 document
Pulses
Cereals
Wheat
Rice
2000 2030
Foodgrains
Fruits
Vegetables
Milk
Stagna1ng yields
Stagna1ng produc1on
2
Stagna)on
in food grain
produc)on
million tons
12000
10000
8000
6000
4000
2000
0
9658
7672
6556
5556
4762
5109
4309 3086
3370 3018 2802
2324
Paddy
Wheat
Maize
China US World Avg India
Agri Sta9s9cs 2010, CMIE
million tons
250
200
150
100
50
0
196.8 212.9 174.8
213.2 198.4
208.6 217.3 230.8 234.5
218.1
2000-­‐01
2001-­‐02
2002-­‐03
2003-­‐04
2004-­‐05
2005-­‐06
2006-­‐07
2007-­‐08
2008-­‐09
2009-­‐10
Agri Sta9s9cs 2010, CMIE

Domes1c Opportunity In Agri-­‐business
Growth in MSPs
3
Higher MSPs
transla)ng
into higher
rural income
CAGR %
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
13.8
13.0 13.0
4.0 4.3 4.3
14.9
16.0
2.7 2.7
10.5
3.9
2.5
8.4
4.7
15.6
1.6
12.9
Dept. of Agri & Co-­‐opera9on
Paddy
Jowar
Bajra
Groundnut
FY03-­‐08
Soyabean
Plan outlay on Govt schemes
4
Rising focus
of Central
Govt on
agriculture
200
180
160
140
120
100
80
60
40
20
0
17.9 16.8 20.5
26.6
38
48.6
70.5
95.3
108.7
172.5 171.2
Agri Sta9s9cs 2010, CMIE
2001-­‐02
2002-­‐03
2003-­‐04
2004-­‐05
2005-­‐06
2006-­‐07
2007-­‐08
2008-­‐09
2009-­‐10
2010-­‐11*
2011-­‐12**
Wheat
FY08-­‐12
Barley
Sugarcane
Coton
Rs billion
*Revised EsAmates & **Budget EsAmates

Low agchem consump1on indicates poten1al for higher usage
Countrywide pes1cide consump1on in India
• Produce worth >Rs. 1 lakh crore is wasted each year
and 20% of agricultural land is affected on account of
poor or inadequate usage of agrochemicals; India’s
consumpAon of pesAcides stands well below global
standards
• India ranks top on crop area for rice, wheat and
coton, but only 35-­‐40% of area is treated with
pesAcides
• Andhra Pradesh is the top consumer of pesAcides at
23% followed by Punjab & Maharashtra at 12% each
TN & Kerala;
6%
Haryana; 7%
Others; 20%
WB, 6%
Andhra
Pradesh; 23%
Gujarat; 7%
Maharashtra;
12%
Karnataka; 7%
Punjab; 12%
Ministry of Agriculture
India’s ranking in the world
Country-­‐wise Pes1cide consump1on
Source: Ministry of Agriculture and FAO
Crop
Area
(Mn Ha)
World
Ranking
Production
(MT)
World Rank
in Production
Rice 44 1 96.4 2
Wheat 28 1 78.4 2
Maize 8 5 19.3 5
Cotton 9 1 25.8 2
Soyabean 9 5 10.0 5
Sugarcane 5 2 323.0 2
Country
Pesticide Use (Kg/ha)
Taiwan 17.0
China 14.0
Japan 12.0
USA 7.0
Korea 7.0
France 5.0
UK 5.0
Pakistan 1.0
India 0.5
15
Source: Industry Es9mates

Yield Improvement Key To Drive Growth
Food consump1on vs. yield vs. arable land
Source: FAO, Rabobank
Historically, yield
increases have kept
pace with consumpAon
Demand set to increase faster
than yield increases
Increase in arable land limited
Downside in yield due to
confluence of weather mishaps
globally
Producing more with less:
• Rising demand for food amid increased
urbanisaAon and declining arable land
per capita can have a significant impact
on meeAng food needs
CP contribu1on to yield and remaining poten1al
• Changing dietary paterns drive demand
for resource-­‐intensive foods which
would further accelerate the need to do
more with less
Source: Syngenta
• A wealthier, growing populaAon amid
declining land availability per capita
would have to command greater per
hectare producAvity
• Biofuels to also compete for arable land
16

Robust model in Agri-­‐Inputs
Agri-­‐Input Spectrum
Seeds
INR50 Bn Mkt
Nutrients
INR3 Bn Mkt
PesAcides
INR40 Bn Mkt
Credit &
Insurance
MarkeAng
Water
Management, Drip
IrrigaAon &
Equipment
<strong>PI</strong> <strong>Industries</strong>’ strategic focus
• Widen agri-­‐input coverage to increase share of the farmer’s
spend
• Expand opportunity by addressing nutrients & seeds
• Cross-­‐sell benefits assured by homogeneity of target group
• New product launches in crops where <strong>PI</strong> has competency &
brand recall
• InternaAonal reputaAon of a strong field presence offers
partnership opportuniAes for the future
<strong>PI</strong>’s Agri-­‐Inputs Network
• 7 zonal offices
• 29 branches
• 145 territories
• 300 sales staff
• > 2000 Temp field staff
• 10,000+ distributors / dealer
• 40,000+ retailers

Global opportunity in Custom Synthesis
By 2015, the industry is expected to have a turnover of
USD 3,00 bn
• The industry supplies to virtually all sectors of the economy & produces
more than 80,000 products
• Europe Union (~ 30%) is the largest chemical producing region followed
by North America & Asia
The Chemical Industry is expected to grow at about 5.6%
CAGR
• Led by demand growth in Asia-­‐Pacific expected growth rate to be at 8%
• Medium term demand composiAon is expected to shis in favor of Asia
with growths expected in all three segments.
Global Custom Synthesis es1mated at $ 75 billion in
2006 and expected to touch $125 billion in 2010
Fine
Chemicals
Specialty
Chemicals
Bulk
Chemicals
• Size of Contract Research opportunity in pharmaceuAcal sector growing
at 16-­‐18%p.a and esAmated at $ 14 billion in 2007
• Contract Mfg. opportunity in Pharma growing at 10-­‐11% p.a. and
esAmated to have reached $30 billion in 2010
Custom Synthesis includes the following
• Research including conducAng clinical trials, bioequivalence studies,
drug library generaAon & screening etc on contract
• Process research on new chemical process for synthesis and producAon
scale up
• Custom manufacture of special chemicals in small quanAAes
• Contract manufacture of chemicals including fine chemicals,
intermediates, cGMP intermediates, A<strong>PI</strong>s, agrochemicals and specialty
chemicals
18

<strong>PI</strong> lends real value to Custom Synthesis
Customer Enquiry
Process & cost review
• Enquiry recd
An Example -­‐ P I 011
Dec,06
Pre. Feasibility Study
Sample validaAon
• 1 st sample sent to customer
Feb, 07
Sign Secrecy Agreement
SOP & Plant Design
• Sample approved by customer
Mar, 07
Process EvaluaAon
Customer approval /
agreement
• Scale up Study undertaken
May,07
Bench Scale Trials
Detailed plant engg.
• 1 st Commercial Order (5MT)
Jun,07
Desktop cosAng
Plant errecAon &
installaAon
• 2 nd Commercial Order (57 MT)
[Supply up to Mar,08]
Aug,07
Customer Approval
Raw material
procurement
• 3 rd Commercial Order (200 MT)
[Supply up to Mar, 09]
Nov, 07
Pilot / Kilo Lab Scale up
Commercial ProducAon
• Signed Agreement of 1500 mt
(USD 36 mn) for 3 yrs Apr,09

A Promising Way Forward For Custom Synthesis
• Investment is starAng to pay-­‐off
• <strong>PI</strong> has invested over Rs 2.5 billion in fixed assets for the Custom Synthesis division. This is excluding investment made in
research and development (both people & business development) which has been expensed annually
• At current investment, <strong>PI</strong> can deliver revenues with ligle incremental addi1on to overheads; this will drive profitability for
the Company
• Revenue visibility to precede capital expenditure
• The Custom Synthesis business is now in a growth phase as a result all capital expenditure being planned is only against
assured revenues for which contracts are either signed or being nego1ated
• Contracts are negoAated to ensure minimum risk for <strong>PI</strong> on account of commercial, raw material & currency
• As a result, <strong>PI</strong> enjoys strong revenue visibility and predictability at lower investment risk
• Unique business model is atracAng more customers
• <strong>PI</strong> has invested in a non-­‐compete business model – it does not compete with the innovator and hence is also agrac1ng
innovators from the pharmaceu1cal sector
• <strong>PI</strong> strictly focuses on IPR chemistry – as a result its involvement with client is from an early stage throughout the grant of a
patent on the molecule, client comfortable with sharing technology
• Agro-­‐chemical sector has been a starAng point -­‐ <strong>PI</strong> is working on pharmaceuAcals and performance chemicals
• <strong>PI</strong> is creaAng an diversified Custom Synthesis business across the Custom Synthesis delivery chain, addressed at the patent life
cycle

Business Developments: That Strengthen the Opera1ng Profile
Divestment of Polymer Compounding business to Rhodia SA
• Transfer includes all the assets , people employed at <strong>PI</strong> Polymer, R&D capabiliAes, customer base &
logisAcs network
• TransacAon completed in April 2011
• Sharper focus on Agri-­‐Inputs and Custom Synthesis operaAons
<strong>PI</strong>-­‐Sony research centre inaugurated at Udaipur
• To remain part of the <strong>PI</strong> R&D faciliAes at Udaipur
• To undertake collaboraAve research jointly with Sony CorporaAon & Hokkaido University of Japan
• Focus to be on syntheAc organic chemicals for applicaAons in the electronic industry
• First of its kind partnership with any Indian company
21

Corporate Developments
CRISIL upgrades <strong>PI</strong>’s bank facili1es
• The raAng upgrade reflects sustained improvement in business risk profile on the back of beter profitability and prudent
working capital management
• The revised raAngs reflect <strong>PI</strong>’s high revenue visibility, healthy operaAng efficiencies, and adequate financial risk profile
<strong>PI</strong>’s R&D facility receives GLP Cer1fica1on
• R&D facility at Udaipur has been accredited for ‘Good laboratory PracAces (GLP) and Norms on OECD Principles’ by
NaAonal GLP Monitoring Authority (NGCMA), Government of India’ in the field of Physical – Chemical TesAng
• Physical / chemistry related data generated in <strong>PI</strong>’s GLP accredited lab would now be acceptable by the registraAon
authoriAes (agrochemicals/pharma etc.) in all the OECD countries such as USA, Europe, Japan etc
• GLP cerAficaAon meets <strong>PI</strong>’s strategy to provide comprehensive soluAons under one roof and broaden its por{olio of
custom synthesis and manufacturing soluAons
Introduc1on of New Products
• The Company has reached to the penulAmate stages of registraAon approval for two new broad spectrum insecAcides by
the RegistraAon Commitee of the Govt. Both these molecules are expected to be launched in the domesAc market in the
year 2012-­‐2013.
• Company conAnues its quest for new molecules and has signed 6 new agreements with their patent holders in insecAcide/
herbicide / fungicide segments to evaluate their potenAal in the domesAc market. These products further add to the
Company’s product pipeline and strengthen our product por{olio for the coming years.
Conferred with PowerBrands status
In the Indian Powerbrands Conclave held at the Mariot Grosvenor Square, in London on December 12, 2011, <strong>PI</strong> <strong>Industries</strong> was
given `Power Brand’ status from amongst 81 large and really successful brands and companies featured in the book which is
considered a brand bible comprising the country’s most inspiraAonal brands. Mr. Salil Singhal, Chairman and Managing
Director was also honoured with the presAgious ‘Corporate Leader Of the Year – Agriculture’.
22

Financial Performance Discussion
23

Key Financial Highlights
(in million) Q4 FY2012 Q4 FY2011 FY2012 FY2011
Net Revenue 2,338.5 2,113.8 8.749.7 7,159.8
EBITDA 373.1 368.8 1,455.4 1,135.2
PAT 217.9 203.8 1,005.4 641.2
FY2012 analysis
Net Revenues
Net Revenue stood at Rs. 8,771 million, up 22% YoY (~36% YoY growth without Polymer Compounding revenue); following 22%
growth in domesAc Agri-­‐-­‐-­‐Input sales and 61% growth in Custom Synthesis exports. <strong>PI</strong> conAnues to show top-­‐-­‐-­‐quarAle growth owing
to its por{olio of novel products and ramp-­‐-­‐-­‐up In exports.
EBITDA
EBITDA stood at Rs. 1,455 million, up by 28% YoY. Margins increased ~75 bps.
Pre-­‐tax Earnings
Profit Before Tax was at Rs. 1,394 million, giving an increase of 55%. It includes; a pre-­‐-­‐-­‐tax gain of ~Rs. 303 million given the sale of
the Polymer Compounding to Rhodia and Exchange FluctuaAon loss of Rs. 44.8 million (last year gain of Rs. 73.5 million)
Post-­‐tax Earnings
Including the excepAonal gains the Net Profit stood at ~Rs. 1 billion; a growth of 57%. The Basic EPS increased to Rs. 40.27 per
share from Rs. 28.76 per share last year. Consolidated Net Profit at Rs.1,036 million, up by 59%.
Dividend
The Board has recommended a final dividend of Rs. 3.00 per share (60%) to the equity shareholders of the Company. With this, the
total dividend for the year (including interim dividend of Rs. 2.00 per share paid earlier in the year) is Rs. 5.00 per share (100%)
24

Profit & Loss Extract (In Millions)
PROFIT & LOSS Mar-­‐08 Mar-­‐09 Mar-­‐10 Mar-­‐11 Mar-­‐12
Total Revenue 3,709 4,609 5,407 7,183 8,771
Total expenses 3,388 3,974 4,543 6,048 7,360
EBITDA 322 635 864 1,135 1,411
DepreciaAon & AmorAsaAon 97 115 131 156 171
Interest 177 223 183 186 201
Other income 50 9 11 105 52
ExcepAon Item
303
PBT 97 306 561 898 1,394
Tax 16 45 132
Def tax 18 31 19
PAT 63 230 409 641 1,005
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Balance Sheet Extract (In Millions)
BALANCE SHEET Mar-­‐08 Mar-­‐09 Mar-­‐10 Mar-­‐11 Mar-­‐12
Sources
Share capital 35 35 277 193 125
Reserves and surplus 668 890 1,247 1913 3067
Net worth 703 926 1,524 2106 3192
Long Term Loans 761 834 625 478 1298
Short Term Loans 882 1,058 429 1082 685
Unsecured loans 134 144 450 924 511
Total debt 1,778 2,036 1,504 2484 2494
Deferred tax liability 220 251 270 323 324
Total Liabili1es 2,701 3,213 3,297 4913 6010
Applica1on
Gross block inc CWIP 2,328 2,662 2,999 3912 4867
Accumulated depreciaAon 691 806 921 1073 1180
Net Fixed Asset 1,636 1,856 2,078 2839 3687
Investments 26 18 20 20 20
Net current assets 1,002 1,293 1,150 1972 2210
Cash & bank balance 30 42 49 82 93
Miscellaneous expenses 7 4 -­‐ -­‐
Total Assets 2,701 3,213 3,297 4913 6010
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Outlook
• Demand for both the exisAng por{olio of Agri Input products as well as newly launched products remains
strong. AddiAonally the following factors will help the Company to meet with its aggressive growth plans:
• Strong budgetary / policy support to agriculture by the central government will translate into focus on higher
agricultural producAvity
• The Commission for Agricultural Pricing and Costs has prescribed hike in MSPs between 16-­‐53% across 14
crops to be planted in the Kharif season. These MSPs will ensure assured earnings for the farmers enabling
them to invest in right inputs for higher output
• While the upside of the two recently launched molecules shall come about in the present year, addiAon of
few more new products to the por{olio will serve as growth driver
• Our focus on innovaAve products for agri input and custom synthesis remains central to our growth plan
• Company has signed 6 new agreements with their patent holders in insecAcide / herbicide / fungicide
segments to evaluate their potenAal in the domesAc market. These products further add to the Company’s
product pipeline and strengthen our product por{olio for the coming years
• The Company has a strong order book posiAon for custom synthesis exports. In addiAon the Company
conAnues to work on pipeline of new products at different stages at R&D. The outlook remains robust
owing to:
• Growing por{olio of patented molecules
• Demand for higher than commited volumes by custom synthesis customers due to increasing
registraAons in different countries
• ConAnuous build up of pipeline at R&D stage
• Facility at Jambusar SEZ to get operaAonal during the year
• The manufacturing unit has also taken up a special project with the support of a reputed Consultants
towards operaAonal excellence. These iniAaAves would result in substanAal operaAonal efficiencies
and hence margin expansion going forward.
• The company is also working on certain niche fine chemical areas, which can further strengthen the
core strength of custom synthesis and manufacturing.
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About <strong>PI</strong> <strong>Industries</strong>
About <strong>PI</strong> <strong>Industries</strong> <strong>Ltd</strong>. (<strong>PI</strong>)
Incorporated in 1947, <strong>PI</strong> <strong>Industries</strong> (BSE: 523642, ISIN ID: INE603J01022) focuses on Agri-­‐Input and Custom Synthesis with
strength of over 1,100 employees, <strong>PI</strong> <strong>Industries</strong> currently operates three formulaAon and two manufacturing faciliAes as well as
four mulA product plants under its three business units across Jammu and Gujarat. These state-­‐of-­‐art faciliAes have integrated
process development teams with in-­‐house engineering capabiliAes.
Agri-­‐Input
<strong>PI</strong> is one of India’s leading players in the Agri-­‐Input industry, primarily dealing in agro-­‐chemicals, specialty ferAlizers, plant
nutrients and seeds. This venture is the flagship business (unit) for which <strong>PI</strong> enjoys tremendous brand recogniAon across several
industry leading products. The Company has exclusive rights with several global CorporaAons for distribuAon in India and is
constantly evaluaAng prospects to further expand its product por{olio. Given the inevitable surge in demand for food grain
producAon in the agriculture sector, the opportuniAes for Agro-­‐Chem Companies are innumerable. <strong>PI</strong> <strong>Industries</strong> is favorably
posiAoned to contribute to the growth in this space by leveraging its long-­‐standing associaAon with business partners and
intensive network of distributors across India.
Custom Synthesis
The Fine Chemicals business unit of <strong>PI</strong> focuses on Custom Synthesis which entails dealing in custom synthesis and contract
manufacturing of chemicals including techno commercial evaluaAon of chemical processes, process development, lab & pilot scale
up as well as commercial producAon. The Company has an impressive product por{olio as result of exclusive Ae-­‐ups with leading
agro-­‐chemical, pharmaceuAcal and fine chemical companies around the world. <strong>PI</strong> has made substanAal investments in building
state of art process research and manufacturing faciliAes of chemical intermediates and acAve ingredients with special focus on
strong process R&D capabiliAes. This business unit is expected to be the primary growth driver with strong revenue visibility as
India conAnues to be a preferred desAnaAon for outsourcing Custom Synthesis and contract manufacturing related projects. With
excepAonal growth opportuniAes in the offing this business segment is poised for great success.
For further informaAon please visit: www.piindustries.com
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Contact Details
For further informaAon, please contact:
Mayur Maniyar/Siddharth Rangnekar
CiAgate Dewe Rogerson
Tel: +9122 6645 1220/1209
Fax: +9122 6645 1213
Email: mayur@cdr-­‐india.com
siddharth@cdr-­‐india.com
Rajnish Sarna
<strong>PI</strong> <strong>Industries</strong> Limited
Tel: +91 124 6790000
Fax: +91 124 4081247
Email: r.sarna@piind.com
Disclaimer: Certain statements in this document may be forward-­‐looking statements. Such forward-­‐looking statements are subject to
certain risks and uncertain9es like regulatory changes, local poli9cal or economic developments, and many other factors that could
cause our actual results to differ materially from those contemplated by the relevant forward-­‐looking statements. <strong>PI</strong> <strong>Industries</strong> Limited
will not be in any way responsible for any ac9on taken based on such statements and undertakes no obliga9on to publicly update
these forward-­‐looking statements to reflect subsequent events or circumstances.
29

THANK YOU
<strong>PI</strong> <strong>Industries</strong> <strong>Ltd</strong>.
Regd. Off.: Udaisagar Road, Udaipur – 313001 (Raj), India, Tel: + 91 294 2492451, Fax: +91 2491946
Corporate Off.: 5th floor, Vipul Square,B Block, Sushant Lok,Phase -­‐ 1, Gurgaon
www.piindustries.com
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