PI Industries net profit up 16% in Q3 FY2016

Indian agrochemical company PI Industries recently reported 16 per cent rise in its net profit at Rs 72.53 crore for the quarter ended December 31,2015 on account of lower tax expenses and rise in income.

The company had reported a net profit of Rs 62.22 crore in the year-ago period.

Total income from operations rose to Rs 510.98 crore during the quarter-under review, from Rs 504.92 crore in the same quarter of the previous fiscal, the company said in a regulatory filing.

The company's tax expenses came down to Rs 23.85 crore from Rs 29.16 crore.

PI Industries currently operates three formulation and two manufacturing facilities as well as five multi-product plants in Gujarat.

The company deals in agro-chemicals, plant nutrients, specialty fertilisers and seeds.

It also focuses on custom synthesis and contract manufacturing of chemicals including techno commercial evaluation of chemical processes.