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Rising competition, demand concerns hamper PI Industries
Mint Mumbai
|December 14, 2023
PI Industries Ltd’s shares have fallen by about 11% in the past two trading days. With this, the returns in the stock are flattish for 2023 so far. Some worries have emerged recently, especially about increased competition for its key product, pyroxasulfone.
The risk arose after Chinese crop protection company Shandong Weifang Rainbow Chemicals received government approval to set up a manufacturing plant, marking its entry into the domestic pyroxasulfone market. Pyroxasulfone, a herbicide, is one of the key molecules for PI Industries’ sales and profits, which it manufactures for Japan-based agrochemical company Kumiai Chemicals. Pyroxasulfone, a part of PI Industries’ custom synthesis manufacturing (CSM) business, contributes 35-40% to revenue. Sure, this underlines the risks associated with heavy reliance on a single product and the resultant margin erosion. As such, the CSM business is export-oriented.
This story is from the December 14, 2023 edition of Mint Mumbai.
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