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Monday, October, 3, 2022

Press Release

Pidilite Industries Reports Consolidated Net Sales Growth of 24 Percent for Quarter Ended 31st December 2021
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                            Mumbai, Maharashtra, India:
                         Pidilite Industries Limited, India’s leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter and nine months ended December 31, 2021.

 
Robust double digit revenue growth in this quarter was led by staggered pricing actions and steady demand conditions.
 
Growth was broad based across Consumer and Bazaar (‘C&B’) and Business to Business (‘B2B’) with growth in urban geographies outpacing rural geographies. C&B reported growth across all categories and B2B growth led by continued momentum in industrial activities.
 
Gross Margins continues to get impacted on account of unabated increase in input cost. The company continued investments in its brands and has maintained EBITDA margins within its historic range through judicious pricing, rising volumes, and operational efficiencies.
 
Domestic subsidiaries in C&B reported good sales growth. Performance of domestic subsidiaries in B2B has improved sequentially on account of recovery in real estate and construction related activities.
 FINANCIAL PERFORMANCE
 Consolidated Performance
 
Net sales at Rs 2,841 Cr grew by 24% over the same quarter last year. Net sales for the nine months ended stood at Rs 7,382 Cr and grew by 47% over the same period last year.
EBITDA before non-operating income at Rs 550 Cr declined by 14% over the same quarter last year. EBITDA for the nine months ended stood at Rs 1,457 Cr and grew by 19% over the same period last year.
Profit before Tax and Exceptional items (PBT) at Rs 487 Cr declined by 19% over the same quarter last year. PBT for the nine months ended stood at Rs 1,268 Cr and grew by 14% over the same period last year.
Profit after tax (PAT) at Rs 359 Cr declined by 20% over the same quarter last year. PAT for the nine months ended stood at Rs 952 Cr and grew by 16% over the same period last year.

 Standalone Performance
 
Net sales at Rs 2,407 Cr grew by 24% over the same quarter last year with underlying sales volume and mix growth of 9.4%. This was driven by 9% growth in sales volume and mix of C&B (domestic C&B grew by 10%) and 13% growth in B2B. Net sales for the nine months ended stood at Rs 6,224 Cr and grew by 44% over the same period last year.
EBITDA before non-operating income at Rs 480 Cr declined by 16% over the same quarter last year. EBITDA for the nine months ended stood at Rs 1,266 Cr and grew by 11% over the same period last year.
Profit before Tax and Exceptional Items (PBT) at Rs 434 Cr declined by 21% over the same quarter last year. PBT for the nine months ended stood at Rs 1,231 Cr and grew by 14% over the same period last year. On a like to like basis (excluding dividend from subsidiary), PBT grew by 5% for the nine months period.
Profit after Tax (PAT) at Rs 323 Cr declined by 21% over the same quarter last year. PAT for the nine months ended at Rs 950 Cr and grew by 18% over the same period last year. On a like to like basis (excluding dividend from subsidiary), PAT grew by 3% for the nine months period.

 Q3 2021-22:
 
Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:“This quarter registered strong broad-based volume and value growth across categories and businesses. Continued, unprecedented inflation in input costs necessitated calibrated pricing actions as well as the need to manage costs aggressively to maintain margins in a healthy range. Going forward, we expect near-term demand conditions to be a little more challenged, given the disruptions as a result of the pandemic as well as input inflation to continue. However, we see demand conditions improving as well as input costs moderating by the end of the current quarter/beginning of the new financial year. We remain confident of the medium to long-term potential of the Indian home improvement sector and in our ability to deliver profitable volume growth.”

About Pidilite

Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India. Our products range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial resins and organic pigments & preparations. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite.

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Disclaimer: This Press Release has not been vetted or endorsed by The Eastern Herald's editorial staff.

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