However, a delayed and erratic monsoon and high inventories in India led to a weak domestic performance, it said in a note on Thursday. HSBC expects strong growth momentum to continue, and other chemicals should support growth in PI Industries, given the potential from new verticals like pharma.

The agrisciences company’s consolidated net profit rose 44% year-on-year to Rs 480.5 crore in the quarter ended September, according to an exchange filing on Wednesday, beating the Rs 419.3 crore consensus estimate of analysts tracked by Bloomberg.

Custom synthesis manufacturing delivered strong volume-led growth, with the management reiterating a 20% growth guidance with an improving margin, Jefferies Financial Group Inc. said.