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Informist, Wednesday, Jan. 22, 2025

By Akshay V. Johnson

MUMBAI – Pidilite Industries Ltd. registered strong growth in its consolidated net profit for the December quarter driven by underlying volume growth of 10%. Both net profit and revenues of the company saw high single-digit growth for the quarter. The company registered on-year growth in both revenues and net profit for the 18th consecutive quarter.

For Oct-Dec, the consolidated net profit of the adhesives, sealants, and waterproofing compounds producer rose 8.2% on year to INR 5.52 billion, lower than analysts' estimate of INR 5.82 billion. Pidilite's consolidated net sales rose 7.6% to INR 33.69 billion, lower than the analysts' expectation of INR 33.56 billion for the December quarter. Sequentially, the company's consolidated net profit and revenue grew 3.3% and 4.1%, respectively.

For Apr-Dec, the company reported a consolidated net profit of INR 16.54 billion, up from INR 14.29 billion in the year-ago period. The company's consolidated revenues for the period were INR 99.99 billion, up from 94.81 billion in the year-ago period. The company's other income for the December quarter saw a 51% on-year growth to INR 558 million.

Pidilite Industries' total expenses for the December quarter were INR 26.73 billion, up 7.8% from the year-ago quarter. Cost of materials consumed, which constituted over 50% of the company's total expenses, grew 9.4% on year to INR 13.41 billion. Employee benefit expenses grew 16.4% on year to INR 4.34 billion, while other expenses grew 10.7% to INR 5.98 billion.

The company reported its consolidated earnings before interest, tax, depreciation, and amortisation, or EBITDA, of INR 7.98 billion for the December quarter, up 8% from the year-ago quarter. For Apr-Dec, the company reported an EBITDA of INR 23.80 billion, up 12% from the year-ago period, with an EBITDA margin of 24.5%, up 80 basis points. The company saw improved margins due to benign input prices, it said.

In the consumer and bazaar sales segment, the company reported net sales of INR 26.73 billion for the December quarter, up from INR 25.41 billion in the year-ago quarter. This segment saw underlying volume growth of 7.3%. Pidilite's business-to-business segment reported net sales of INR 7.57 billion, up from INR 6.37 billion a year ago, driven by underlying volume growth of 21.7%. The international subsidiaries of the company, excluding Pidilite USA and Pulvitec Brazil, reported modest growth in revenues due to global economic uncertainty, inflation, and political instability, Pidilite said.

"Despite subdued demand across urban and rural geographies, we continued to make steady progress, with robust revenue and underlying volume growth and healthy levels of profitability," Bharat Puri, managing director of Pidilite Industries, said. "Looking ahead, we remain cautiously optimistic on improved demand conditions as a result of the good monsoon and increased construction activities."  

On Wednesday, shares of the company closed at INR 2,754.75 on the National Stock Exchange, up 0.2%.  End

Edited by Tanima Banerjee

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