Last updated: 11 Nov, 2021 | 09:59 am
Net Profit beats estimates: Pidilite Industries reported a consolidated net profit of Rs 374.6 crore for the quarter ended September. The net profit was up 5.1% on-year basis beating estimates. Analysts had estimated net profit around Rs 330 crore. Sequentially profits rose by 70% from Rs 220 crore in the last quarter.
Revenue rises: Pidilite Industries' revenue rose 39.7% on year to Rs 2,626.3 crore beating estimates. Analysts had predicted the company's revenue of Rs 2,355 crore for the quarter ended Sept. Sequentially revenue rose by 35.6% from Rs 1,937 crore in the last quarter.
Operating performance: The company's EBITDA stood at Rs 549.6 crore in the July-September period, up by 7% over Rs 512.6 crore in the same quarter last year. The EBITDA margin came in at 20.9% as against 27.3% in the last year period. Analysts had estimated Pidilite Industries' EBITDA at Rs 475 crore and EBITDA margin at 20.2%. Gross Margins have contracted on account of sharp escalation and volatility in input costs.
Pidilite Q2 results highlights:
Segment Revenue: Revenue from Pidilite Industries' Consumer and Bazaar business increased 39.5% on year and B2B segment saw growth of 41.2%. Growth was broad based across both segments as well as urban and rural geographies. C&B reported growth across all categories such as adhesives, construction chemicals and DIY portfolio while B2B growth led by continued momentum in industrial activities.
Pidilite Q2 results review:
Pidilite has reported stellar results beating street estimates. The quarter recorded very strong sales volume and value growth across categories, businesses, and geographies. The business witnessed a much improved consumer demand environment due to accelerated vaccinations, reduced COVID infections and increased mobility. However, commodity inflation and supply availability remains a significant challenge. Going forward the company remains cautiously optimistic on continuing robust demand conditions.
The company informed that Pradip Menon CFO has given notice of resignation from the services of the company. He will continue in his current position as CFO until the close of business hours of 20 December 2021.