Pidilite Industries, on Monday, posted a consolidated net profit of Rs 283 crore for the March quarter. This is 11.4 per cent rise from Rs 254 crore a year ago, the company statement said.
Pidilite Industries, India’s leading manufacturer of adhesives, sealants and construction chemicals, reported consolidated revenue from operations at Rs 2,689 crore for the March quarter against Rs 2,507 crore a year ago.
The company’s board of directors recommended a dividend of Rs 11 per share.
Pidilite USA decided to discontinue operations of the Sargent art division, the company said in a regulatory filing.
Consolidated revenues of Pidilite Industries for the year grew by 19% driven by strong volume growth, improved mix, and price increases.
The company’s net sales for the year were Rs 11,752 crore and grew by 19 per cent over last year. Net sales for the current quarter at Rs 2,674 crore were higher by 7 per cent over the same quarter last year.
In the current quarter, domestic C&B business revenues grew by 10 per cent underpinned by strong volume growth of 7 per cent. B2B businesses faced headwinds due to lower exports and lower demand from businesses dependent on exports. The demand from rural and semi-urban improved during the quarter.
The moderation in input costs led to improvement in Gross Margin, both sequentially and over the previous year. Part of the benefits of margin improvement were invested in market facing initiatives for channel and consumer. Consolidated EBITDA grew by 14 per cent and EBITDA margin was 17 per cent against 16 per cent in the same period last year.
Amidst uncertain global economic conditions and inflationary pressures, International Subsidiaries reported moderate sales growth along with improvement in EBITDA. Domestic C&B subsidiaries continue to deliver industry leading profit and growth.
“Despite the challenging environment on both the demand as well as input cost fronts throughout the year, we have delivered broad-based, robust value and volume growth across our businesses in geographies with revenue crossing Rs 11,000 crores for the first time,” said Bharat Puri, managing director, Pidilite Industries Ltd.
“The current quarter’s revenue growth is primarily driven by domestic demand. Gross margin improved during the quarter enabled by the easing of input prices. This enabled us to reinvest in our brands as well as route to market,” he added.
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