From the question stem it is given that m = (p^x) * (t ^ y). We can conclude that exponents - x>=1 and y >= 1. The question asked is " Is m a multiple of (p^2) t ? ". We can also rephrase the question as "Is x >= 2 ?"
From stmt1 - m has more than 9 factors ==> (x+1)(y+1) >= 9 ==> we cannot say the value of x and y here. So insufficient.
From stmt2 - m is a multiple of p^3 ==> x = 3 which is clearly > 2. Hence it is sufficient to say that m a multiple of (p^2) t because y is atleast 1 from the given question clue, and x = 3 from the second statement.