P I Industries Ltd. (PI) ` 538 (14/12/12) BUY

P I Industries Ltd.TMAgri InputsNOMINEE GOLD , a rice herbicide is one of the key drivers for PI and continued to do well in FY ’12. Company is also promotingnew techniques including direct seeded rice vs. present practice of transplanted rice, enabling significant water and labour costsavings for farmers. In FY ’12, PI successfully introduced two broad spectrum modern fungicides - CLUTCH and SANIPEB, one wheatherbicide - WICKET, and a broad spectrum insecticide - OVAL. It also reached the final stages of registration approval for two newbroad spectrum insecticides, which are expected to be launched in the domestic market in the current year.In Agri inputs division company introduced few new molecules and plans to introduce 2 more in the current year whichhave good potential to become category leaders. It has signed agreements for 6 new molecules (in insecticide / herbicide / fungicidesegments) to strengthen its product portfolio and sustain growth momentum.Custom research & SynthesisIn this division the Company has a strong order pipeline for the next 3 - 5 years and is well positioned to capitalize on the expectedgrowth in the contract research and manufacturing market. PI has started commercial production of a promising new product,which is expected to contribute significantly to revenues in the current fiscal and in future.The Research and Development team continues to work on new areas of fine chemical business and have successfully carriedout synthesis and scale-up for several new molecules in the area of agrochemicals, pharmaceutical intermediates and imagingchemicals. At any point of time Company has product pipeline of 25-30 products at different stages of R & D being evaluated forcommercialization over a period of time. As a result of this, three new patented products shall get commercialized in FY ‘13, addingto growth in the custom synthesis business. During the year, some more high growth potential products were added to the R&D andprocess research pipeline of the Company.Company’s research collaboration with M/s Sony Corporation of Japan continues to progress well and supports the developmentof commercial processes in the area of electronic chemicals. With the success of the PI - Sony research collaboration, PI expects topartner with some new customers.Order book for CSM business as on Sept. ’12 stood at US $ 318 million, which will be executed over next 1-1 ½ years.P I Industries Ltd.is also available on www.balance-equity.co.in