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Pidilite Industries Q1 PAT grows 64% YoY to ₹ 358 cr 
(14:43, 10 Aug 2022)
During Q1 FY23, consolidated net sales at ₹ 3,091 crore grew by 60% over the same quarter last year. EBITDA before non-operating income at ₹ 529 crore grew by 52% over the same quarter last year. Profit before tax and exceptional items (PBT) at ₹ 473 crore grew by 63% over the same quarter last year.

Total expense climbed 59.59% YoY to ₹ 2641.98 crore in Q1 FY23. Cost of raw material consumed stood at ₹ 1565.36 crore (up 71.79% YoY) and employee expenses stood at ₹ 315.73 crore (up 12.52% YoY).

Pidilite Industries said that the quarter recorded robust revenue growth, a combination of higher volumes and measured price increases. Consumer & Bazaar (C&B) reported growth across all geographies and categories of adhesives, construction chemicals and DIY portfolio. Business to Business (B2B) growth was strong across all verticals.

While input costs remained elevated, cost efficiency measures ensured PAT growth in line with revenue growth.

International subsidiaries maintained positive momentum and reported high double-digit constant currency revenue growth largely led by judicious pricing actions. Domestic subsidiaries registered good sales growth.

On a standalone basis, profit after tax at ₹ 333 crore grew by 61% over the same quarter last year. EBITDA before non-operating income at ₹ 487 crore grew by 50% over the same quarter last year.

Net sales at ₹ 2,778 crore grew by 62% over the same quarter last year with underlying sales volume and mix growth of 44%. During the quarter, C&B sales grew by 67% with underlying volume and mix growth of 49% and 51% sales growth in B2B with underlying volume and mix growth of 29%.

Commenting on the quarter performance, Bharat Puri, managing director, Pidilite Industries, said: In this quarter, we have recorded robust value and volume growths which have been broad-based across businesses, categories and geographies. While input costs have continued to be high during this quarter, EBITDA margins remained constant sequentially on account of calibrated pricing, increased sales and effective cost management actions. While the near term remains challenging, we remain cautiously optimistic on the medium term given the recent softening of input prices led by lower oil prices, a good monsoon and continued good demand conditions in the housing and home improvement sector. Our focus continues to be to deliver broad based profitable volume growth.

Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India. Its products range also includes paint chemicals, automotive chemicals, art materials and stationery, fabric care, maintenance chemicals, industrial adhesives, industrial resins and organic pigments & preparations. Some of its major brands are Fevicol, M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Araldite and Fevicryl.

Shares of Pidilite Industries fell 1.18% to ₹ 2618.65 on the BSE.

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