Inspired by Science

PIIL:SEC: NSE/BSE: 94:2021-22

February 03, 2022

BSE Limited National Stock Exchange of India Ltd.

Corporate Relationship Deptt. Exchange Plaza, Plot No. C/ 1,
PJ Towers, 25th Floor, Da lal Street, G-Biock Bandra l<urla Complex,
Mumbai- 400 001 Bandra (East), Mumbai - 400 051

Code:523642 Code: PIIND

Dear Sir,

Sub : Outcome of Board Meeting

In compliance of Regulation 33 read with Regu lation 30 of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company
in its meeting held today i.e. February 3, 2022 has inter alia considered and approved the fol lowing:

1. Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and
nine months ended December 31, 2021. Copy of the aforesaid resu lts along with the Limited
Review Report of Auditors is enclosed herewith.

2. Declared an Interim Dividend at the rate of Rs.3 per share (i.e. 300%) on the Equity Shares of the
Company carrying face value of Re.1/- each for the financial year 2021-22 and th e same sha ll be
paid on or before March 02, 2022.

Pursuant to Regu lation 42 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015, the Company has fixed February 15, 2022 as the record date fo r the purpose of determ ining
the members eligible to receive the Interim Dividend for the financial year 2021-22.

It may further be noted that Board Meeting commenced at 11.00 a.m. and concluded at 5:15p.m.

You are kindly requested to take the above information on records, please.

Thanking you,

Nares h Kapoor
Compa ny Sec retary

Encl.: As above

PI Industries Ltd.
Corporate Off.: Vipul Square, 5th Floor, B-Biock, Sushant Lok, Phase I, Gurgaon - 122009, Haryana, India. Tel.: +91- 124-6790000
Regd. Off.: Post Box No.20, Udaisagar Road, Udaipur - 313001, Rajasthan, India. Tel.: +91-294 -2491451-5, 6651100, Fax: +91-294-2491946
Email: [email protected], www.pii ndustries.com, CIN: L24211RJ1946P LC000469
 Price Waterhouse Chartered Accountants LLP

Review Report

To
The Board of Directors
PI Industries Limited
5th Floor, Vipul Square,
B-Block, Sushant Lok
Phase-1, Gurugram – 122009
Haryana

1. We have reviewed the unaudited standalone financial results of PI Industries Limited (the
“Company”) for the quarter ended December 31, 2021 and the year to date results for the period April
1, 2021 to December 31, 2021, which are included in the accompanying ‘Statement of Standalone un-
audited financial results for the quarter and nine months ended 31st December 2021’ (the
“Statement”). The Statement has been prepared by the Company pursuant to Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing
Regulations, 2015”), which has been initialled by us for identification purposes. The Statement is the
responsibility of the Company’s management and has been approved by the Board of Directors. Our
responsibility is to issue a report on the Statement based on our review.

2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,
“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued
by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform
the review to obtain moderate assurance as to whether the Statement is free of material misstatement.

3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to
financial data and thus provides less assurance than an audit. We have not performed an audit and
accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the Statement has not been prepared in all material respects in accordance with the applicable
Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised
accounting practices and policies and has not disclosed the information required to be disclosed in
terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be
disclosed, or that it contains any material misstatement.
5. The standalone financial results for the quarter ended September 30, 2021 and December 31, 2020,
nine months ended December 30, 2020 and year ended March 31, 2021 have been restated by the
Management pursuant to the scheme of arrangement described in Note 4 of the Statement. These
restated financial results are not subject to our audit or review. Our opinion is not modified in respect
of this matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sougata Mukherjee
Partner
Membership Number: 057084

UDIN: 22057084AAFHKH8932
Place: Gurugram
Date: February 03, 2022
 PI Industries Ltd.

STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2021

lin~ Millloos
Quarter Ended Nino Month Endad Yoar Ended
S.No . Partlculal'!l 31.12.2021 30.09.2021 31 .12.2020 31 .12.2021 31 .12.2020 31 .03.2021
Un--audilad • Un-audited • Un-Audited • U n-Audltad • Un·Audited • Audited •

t ReVetJIJe from operations 13,026 12,964 11,335 37,274 32,099 43,611

II Other Income 253 272 386 797 768 1,173

Ill Total income (1+11) 13,279 13,236 11,721 38,071 32,867 44,784

IV Expenses

Cos1 of materials consumed 6,303 7,248 5,600 21,062 16,280 23,598

Purchases of stock -in- trade 195 484 238 1,357 1,644 1,724

Chaoges in inventories of finished goods, work in progress and (642) 224 (2,059) (181) (1,071)
508
stOCk hi trade
Employee Benefit expense 1.168 1,142 1,026 3,425 2,918 3,889

Finance Cosl 32 33 65 98 239 284

Depreciation and amortisation expense 501 487 433 1.468 1,278 1,720

Other Expense 1,986 1,927 1,520 5,399 3,896 5,623

Total Expenses 10,693 10,679 9,106 30,750 26,074 35,767

v Profil before exceptional Items and tax (III-IV) 2,586 2,557 2,615 7,321 6,793 9,017

VI Exceptional items - -
VII Profit before tax (V-VI) 2,586 2,557 2,615 7,321 6,793 9,017

VIII Income Tax expense

Ctrrrenl tax 457 353 895 1.203 1,155 1,604

Oalerred lax (16) (16) (274) (33) 280 242

l tH~oroe tax of earlier years (3) 3 50 50 66

Total Tax Expense 438 340 671 1,170 1,485 1,912

IX Profit for the period (VII-VIII) 2,148 2,217 1,944 6,151 5,308 7,105

X Other Comprehensive Income I (loss) after tax (OCI)

A Items that will not be reclassified to profit or loss

Remeasutemsnts gains/(losses) on defined benefits plans (3) {3) (5) (9) ( t6) 7

Income tax relating to the above item 1 1 2 3 6 (2)

B Item~ that wUI be reclassified to profit or loss

Effective portion or gains/(losses} on cash flow hedges ,(2J7) 171 255 (130) 1,044 1,067

Income tax relating to above items 83 (60) (89) 45 (329) (373)

Total other Comprehensive Income/ (Loss) for tho period (1'56) 109 163 (911 705 699

XI ToiBI Comprehensive Income for the period (IX+X) 1,992 2,326 2,107 6,060 6,013 7,804

XII Paid-up equity share capital

(Face value of~ 1/- each (Previous Year t 11- each)) 152 152 152 152 152 152

XIII Other Equity excluding Revaluation Reserves as per Balance

sheet of previous accounling year
- 52,708

XIV Earning per Share •• (in f)

{a) Basic 14.14 14.62 12.78 40.54 36.07 47.98

(b) Diluted 14. 14 14.62 12.77 40 54 36.04 47.97

Sea accompanVI!lg notes to the financial results

Refer note 4
... Actuals for the Quarter and Nine months nol annualised
 PI Industries Ltd.

Notes
The above financial resulls were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their
meeting held on February 03, 2022.

2 Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of lnd AS notified
under the Companies (Indian Accounting Standards) Rules, 2015 (Also, refer note 4).

3 The Company is in the business of manufacturing and distribution of Agro Chemicals and accordingly has one reportable business segment viz. 'Agro
Chemicals'.

4 The Board of Directors of the Company, at its meeting held on February 12, 2020, had approved a Scheme of Amalgamation (hereinafter referred to
as 'Scheme') of lsagro (Asia) Agrochemicals Private Limited (wholly owned subsidiary) into the Company. Hon'ble National Company Law Tribunal
(NCLT), through its order dated December 6, 2021 has approved the scheme. Accordingly, the Company has accounted for the merger using the
pooling of interest method retrospectively for all periods presented in the standalone results as prescribed in lnd AS 103 - 'Business Combinations".
The previous periods' figures in the standalone results have been accordingly restated from April 1, 2020.

5 The Company has raised it' 20,000 million during the FY 20-21 through Qualified Institutional Placement (QIP) of equity shares. The Company has
issued 13,605,442 equity shares of face value of~ 1 each at a price of~ 1,470 per Equity Share. including a premium of~ 1,469 per Equity Share.
Funds received pursuant to QIP (net of expense~ 250 million) remain invested in fixed deposits, liquid and other debt mutual funds.

6 The Board of Directors at their meeting held on February 03, 2022 have approved the interim dividend of~ 3.00 per equity share of face value of~ 1 each
for the financial year 2021-22.

7 The previous period's figures have been regrouped/ rearranged/ reclassified wherever necessary (Also, refer note 4).

Place: Mumbai For PI Industries Limited

Date: February 03. 2022

Regd. Office: Udaisagar Road, Udaipur· 313001 (Raj)

Phone: 0294 2492451-55 Fax: 0294 2491946
CIN: L24211 RJ1946PLC000469
 Price Waterhouse Chartered Accountants LLP
Review Report

To
The Board of Directors
PI Industries Limited
5th Floor, Vipul Square
B-Block, Sushant Lok
Phase-1, Gurugram – 122009
Haryana

1. We have reviewed the consolidated unaudited financial results of PI Industries Limited (the “Parent”),
its subsidiaries (the parent and its subsidiaries hereinafter referred to as the “Group”), controlled trust
and its share of the net profit after tax and total comprehensive income of its joint venture and
associate company (refer Note 3 on the Statement) for the quarter ended December 31, 2021 and the
year to date results for the period April 01, 2021 to December 31, 2021 which are included in the
accompanying ‘Statement of consolidated un-audited financial results for the quarter and nine months
ended 31st December 2021’ (the “Statement”). The Statement is being submitted by the Parent
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the “Listing Regulations”), which has been initialled by
us for identification purposes.

2. This Statement, which is the responsibility of the Parent’s Management and has been approved by the
Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”),
prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally
accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and
perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with Standards on Auditing
and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
 We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33
(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
to the extent applicable.

4. The Statement includes the results of the following entities: namely, Parent Company a) PI Industries
Limited; Subsidiaries b) PILL Finance and Investments Limited c) PI Life Science and Research Limited
d) PI Japan Co. Limited e) Jivagro Limited f) PI BIOFERMA Private Limited (previously known as PI
ENZACHEM Private Limited) g) PI FERMACHEM Private Limited h) PI Health Sciences Limited
(Incorporated during the quarter ended September 30, 2021); controlled trust: i) PI ESOP Trust; j) PI
Kumiai Private Limited (Joint Venture) k) Solinnos Agro Sciences Private Limited (Associate).

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on
the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing
has come to our attention that causes us to believe that the accompanying Statement has not been
prepared in all material respects in accordance with the recognition and measurement principles laid
down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in
India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the
Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material
misstatement.

6. We did not review the interim results of three subsidiaries and one controlled trust included in the
consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs.
782 MN and Rs. 2,281 MN, total net profit after tax of Rs. 78 MN and Rs. 203 MN and total
comprehensive income of Rs. 78 MN and Rs. 203 MN, for the quarter ended and for the period from
April 1, 2021 to December 31, 2021, respectively, as considered in the consolidated unaudited financial
results. The consolidated unaudited financial results also includes the Group’s share of net profit after
tax of Rs. 2 MN and Rs. 34 MN and total comprehensive income of Rs. 2 MN and Rs. 34 MN for the
quarter ended and for the period from April 1, 2021 to December 31, 2021, respectively, as considered
in the consolidated unaudited financial results, in respect of one associate and one joint venture,
whose interim financial results have not been reviewed by us. These interim financial results have
been reviewed by other auditors and their reports January 19, 2022, January 21, 2022 and January 27,
2022, vide which they have issued an unmodified conclusion, have been furnished to us by the
Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries, controlled trust, associate and joint venture, is based solely on
the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.
7. The consolidated unaudited financial results includes the interim financial results of four subsidiaries
which have not been reviewed by their auditors, whose interim financial results reflect total revenue
of Rs. 17 MN and Rs. 48 MN, total net profit after tax of Rs. 1 MN and Rs. 2 MN and total
comprehensive income of Rs. 1 MN and Rs. 2 MN for the quarter ended December 31, 2021 and for the
period from April 1, 2021 to December 31, 2021, respectively, as considered in the consolidated
unaudited financial results. According to the information and explanations given to us by the
Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sougata Mukherjee
Partner
Membership Number: 057084

UDIN: 22057084AAFHQV9402
Place: Gurugram
Date: February 03, 2022
 Pi Industries Ltd

STATEMENT OF CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2021

(In ~ Millions)
Quarter endad Nino months ondod Yeartndod
S .No. Particulars 31.12.2021 30.09.2021 I 31.1Z.2020 31. 12.2021 31 .12.2020 31 .03.2021
Un-Audited Un-Audited Un-Audited Un-Audited Un~Audited Audited
I Revenue from operations 13,563 13,542 11,621 39,Q43 33,799 45,770
II Other Income 260 277 389 814 807 1,249
Ill Total income (1+11) 13,823 13,819 12,010 39,857 34,606 47,019
IV Expenses

Cost of materials Consumed 6,713 7,675 5.894 22,305 17,528 25,081

Purchases of stock ·in- trade 209 470 119 1,400 1,513 1,637
Changes in inventories of finished goods, work in progress and
345 (702) 157 (2.281) (259) (1,006)
stock in trade
Employee Benefit expense 1,254 1,220 1.083 3,664 3,073 4,169

Finance Cost 33 34 66 101 238 282

Depreclatlon and amortisation expense 503 492 440 1,482 1,300 1,748

Othar Expense 2,077 1,959 1,613 5,581 4,096 5,767

Total Expenses 11,134 11,148 9,372 32,252 27,489 37,678
v Share of Profit I (Loss) of associate and Joint venture 3 (5) (2) 30 45 44
VI Profot before exceptional items and tax (III·IV+V) 2,692 2,666 2,636 7,635 7,162 9,385
VII Exceptional items -
VIII Profit before tax (VI-VII) 2,692 2,666 2,636 7,635 7,162 9,385
IX Income tax expense

Current tax 495 381 612 1,283 1,253 1,689

Oe rerred tax (26) {14) 20 (42) 274 249
Income lax of earlier years (3) 3 50 50 64
Total Tax Expense 466 370 682 1,241 1,577 2,002

X Profit for the period (VIII-IX) 2,226 2,296 1,954 6,394 5,585 7,383
XI Othor Comprehensive Income I (Loss) after tax (CCI)

A Items that will not be reclassified to profit or loss

Ram-easuremenl5 gains/(losses) on defined benefits plans (31 (3) (5) (9) (16) 7
l nf1t~me tax relating lo the above item 1 I 2 3 6 (2)
B Items that will be reclassified to profit or loss

Effective portion of gains/(lasses) on cash now hedges (238) 172 255 (130) 1,044 1.067
Income tax relating to above items 84 (60) (89) 46 (329) (373)

&change difference on translation of foreign operations (1) 0 (0) (1) 0 (1)

Tolal Other Comprehensive Income I (Loss) for the period (157) 110 163 (91) 705 698

XII Tolal Comprehensive Income for the period (X+XI) 2,069 2,406 2,117 6,303 6,290 8,081

XIII Paid-up equlty share capital

(Face value or~ 1/- each (Previous Year~ 1/- each)) 152 152 1~2 152 152 152
XIV Other Equity excluding Revaluation Reserves as per Balance sheet
of previous accounting year
- - 53.272

XV Earning per Share • (in f)

(a) Basic 14 67 15.15 12 83 42. 16 37 96 49.92
(b) Diluted 14.67 15.14 12.82 42.15 37.94 49.89
Soo aca;~rnpanyfng notes to the financial results
• Actuals for the quarter and n1ne months not annual1sed
 PI Industries Ltd.

Notes:

The above Consolidated financial results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their
meeting held on February 03, 2022.

2 Consolidated Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of lnd AS notified
under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.

3 The Consolidated financial results include the results of the following entities namely,Parent Company a) PI Industries Limited; Subsidiaries b) PILL Finance and
Investments Limited c) PI Life Science and Research Limited d) PI Japan Co. Limited e) Jivagro Limited ~ PI BIOFERMA Private Limited (previously known as PI
ENZACHEM Private Limited) g) PI FERMACHEM Private Limited h) PI Health Sciences Limited ; Controlled trust: i) PI ESOP Trust; j) PI Kumiai Private Limited
(Joint Venture) k) Solinnos Agro Sciences Private Limited (Associate).

4 The Company is in the business of manufacturing and distribution of Agro Chemicals and accordingly has one reportable business segment viz. 'Agro Chemicals'.

5 The Board of Directors of the Company, at its meeting held on February 12, 2020, had approved a Scheme of Amalgamation (hereinafter referred to as 'Scheme')
of lsagro (Asia) Agrochemicals Private Limited (wholly owned subsidiary) into the Company. Hon'ble National Company Law Tribunal (NCLT), through its order
dated December 6, 2021 has approved the scheme. Accordingly, the Company has accounted for the merger using the pooling of interest method retrospectively
for all periods presented in the standalone results as prescribed in lnd AS 103- 'Business Combinations". The previous periods' figures in the standalone results
have been accordingly restated from April!, 2020. There is no impact of this merger on consolidated financial results.

6 The Company had raised ~ 20,000 million during the FY 20-21 through Qualified Institutional Placement (QIP) of equity shares. The Company has issued
13,605,442 equity shares of face value of~ 1 each at a price of~ 1,470 per Equity Share, including a premium of~ 1.469 per Equity Share. Funds received
pursuant to QIP (net of expense~ 250 million) remain invested in fixed deposits , liquid and other debt mutual funds .

7 The Board of Directors at their meeting held on February 03, 2022 have approved the interim dividend of~ 3.00 per equity share of face value of~ 1 each for the
financial year 2021-22.

8 The previous period's figures have been regrouped/ rearranged/ reclassified wherever necessary.

Place: Mumbai For PI Industries Limited

Date: February 03. 2022

Reg d. Office: Udaisagar Road, Udaipur· 313001 (Raj) Mayank Sing

Phone: 0294 2492451-55 Fax: 0294 2491946 V<ce Chatrm & Managmg Dtrector
CIN: L24211 RJ 1946PLC000469 DIN . 00006651