New Delhi, Sept. 4 -- Amid a challenging global environment, agrochemical major PI Industries is betting on novel molecules developed in-house and is branching out into manufacturing capabilities for pharmaceuticals, speciality chemicals, and electronics to fuel long-term growth.

"We are an 80-year-old organisation, I do believe after a certain scale and size in the world today, innovation creates moats.it's a call of risk and an appetite," Mayank Singhal, managing director and vice chairperson of the Mumbai-headquartered firm, told Mint in an interview.

The shift is a result of falling prices, Chinese competition, geopolitical instabilities and extreme weather affecting its core revenue. Net income dropped 39% in the first quarter of f...