PI Industries arm completes acquisition of Plant Health Care Plc; shares rise

Shares of PI Industries Ltd gained over 1.5% on Wednesday, August 21, after the company announced that its subsidiary had completed the acquisition of Plant Health Care Plc.

In an exchange filing, PI Industries said its wholly owned subsidiary PI Industries Management Consultancies L.L.C. has completed the acquisition of Plant Health Care Plc, approved by the Companies Court (Chancery Division), United Kingdom on August 15.

The stock opened flat at ₹4,327.25 apiece on the NSE and gained further to clock the intraday high of ₹4,404.45.

Plant Health Care Plc is a provider of patent-protected Peptide-based biological products to global agriculture markets. The company’s subsidiaries are located across the USA, Mexico, Spain, Brazil and the UK.

The filing added that post the acquisition, Plant Health Care Plc has become a wholly owned subsidiary of PI LLC and a step-down subsidiary of PI Industries. The acquisition is aimed at enabling PI Industries to offer integrated agri-solutions across both chemicals and biological industries. The acquisition was made for a consideration of £32.78 million (₹358.22 crore approximately).

PI Industries reported a healthy performance in Q1FY25. The company’s profit grew over 17% year-on-year to ₹448.8 crore up from ₹382.9 crore in Q1FY24. The PAT for the June quarter of FY25 was up 21% on a quarter-on-quarter basis from ₹369.5 crore in the March quarter of FY24.

Its revenue from operations for the quarter ended June 30, 2024, grew over 8% to ₹2,068.9 crore against ₹1,910.4 crore in the corresponding quarter of the preceding fiscal. Sequentially the company’s revenue from operations jumped nearly 19% from ₹1,741 crore in the March quarter of FY24.

PI Industries Limited is a manufacturer of agricultural chemicals and fine chemicals. The company also manufactures products for crop protection, plant nutrients, and seeds, and engineering plastics.

PI Industries stock has traded with an upward trend in the past one year. The stock has surged over 16% in a year and has given year-to-date (YTD) returns of more than 24%.

Shares of PI Industries Ltd traded at ₹4,342.10 apiece at 1:20 PM, up by 0.34% on August 21.