PI Industries Ltd: Segment Analysis

PI Industries Ltd (PI Industries) is a manufacturer and supplier of agrochemical products. The company offers a wide range of products including insecticides, fungicides, herbicides, specialty products, plant nutrients and other plant fertilizers.

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PI Industries engages actively with farmers, industry experts, and research institutions, embracing a communal approach to drive sustainable agricultural practices. With a dedicated R&D center in Udaipur, the company maintains a 473 member strong team of scientists and researchers, utilizing advanced labs, kilo plants and pilot facilities. Prioritizing research and development, PI Industries focuses on creating and bringing to market novel products, while also incorporating digital capabilities for enhanced farmer interaction. This fiscal year, it introduced 15 new patents, totaling 147 patents filed cumulatively. Moreover, the company successfully commercialized two process innovations and launched four products for exports and seven for domestic agri brands. It maintains an extensive product lineup catering to diverse crop growth stages and plant nutrition needs, fostering enduring relationships with CSM export partners. During FY2023, the company commenced significant initiatives to integrate technology within its research and development activities. These included installing firewalls for all outward-facing applications, implementing SAP ARIBA to establish a digital supplier network for comprehensive supplier lifecycle management and successfully onboarding targeted suppliers. These efforts include receiving digital invoices directly from vendors and introducing electronic lab notebooks to streamline collaboration, thereby standardizing laboratory work and research processes between CSM and R&D. The imminent launch of the company's new R&D center in Hyderabad, India this year will concentrate on delivering Clinical Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) services across the pharmaceutical value chain. The process R&D team actively managed over 50 projects spanning agrochemistry, electronic chemicals and life cycle management. This encompassed executing literature searches, feasibility analyses, and laboratory investigations for 36 projects destined for external clients. Among these, 10 projects reached the stage of preparing and submitting representative samples for evaluation and validation by diverse customers. Demonstrations of processes at kilo lab and pilot plant scales were successfully completed for 13 projects, while 6 projects are presently progressing through various phases of commercialization. In FY2023, the company spent INR1,859.7 million on research and development, which as a percentage of revenue, stood at 2.9% and grew 29.5% YoY.