Net sales

Pidilite Industries Reports Consolidated Net Sales Growth of 24% for the Quarter Ended December 31, 2021


Bombay, Maharashtra, India:
Pidilite Industries Limited, India’s leading manufacturer of adhesives, sealants and construction chemicals, today announced its financial results for the three and nine months ended December 31, 2021.

Robust double-digit revenue growth in this quarter was driven by staggered pricing actions and stable 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 recorded growth in all categories and B2B growth driven by continued momentum in industrial activities.

Gross margins continue to be affected due to the constant increase in the cost of inputs. The company continued to invest in its brands and maintained its EBITDA margins within its historical range thanks to sensible prices, increasing volumes and operational efficiencies.

C&B’s national subsidiaries recorded good sales growth. The performance of domestic subsidiaries in B2B improved sequentially due to the recovery of activities related to real estate and construction.

FINANCIAL PERFORMANCE

Consolidated performance

  • Net sales at Rs 2,841 Cr increased by 24% compared to the same quarter last year. Net sales for the nine months ended amounted to Rs 7,382 Cr and increased by 47% compared to the same period last year.
  • EBITDA before non-operating income at Rs 550 Cr decreased by 14% compared to the same quarter last year. EBITDA for the nine months ended amounted to Rs 1,457 Cr and increased by 19% compared to the same period last year.
  • Profit before tax and exceptional items (PBT) at Rs 487 Cr decreased by 19% compared to the same quarter last year. PBT for the nine months ended stood at Rs 1,268 Cr and increased by 14% compared to the same period last year.
  • Profit after tax (PAT) at Rs 359 Cr decreased by 20% compared to the same quarter last year. The PAT for the nine months ended stood at Rs 952 Cr and was up 16% from the same period last year.

Autonomous performances

  • Net sales at Rs 2,407 Cr increased by 24% compared to the same quarter last year with underlying sales volume and mix growth of 9.4%. This was driven by 9% growth in C&B sales volume and mix (domestic C&B increased 10%) and 13% growth in B2B. Net sales for the nine months ended amounted to Rs 6,224 Cr and increased by 44% compared to the same period last year.
  • EBITDA before non-operating income at Rs 480 Cr decreased by 16% compared to the same quarter last year. EBITDA for the nine months ended amounted to Rs 1,266 Cr and increased by 11% compared to the same period last year.
  • Profit before tax and exceptional items (PBT) at Rs 434 Cr decreased by 21% compared to the same quarter last year. PBT for the nine months ended stood at Rs 1,231 Cr and increased by 14% compared to the same period last year. On a comparable basis (excluding the subsidiary’s dividend), PBT increased by 5% over the nine-month period.
  • Profit after tax (PAT) at Rs 323 Cr decreased by 21% compared to the same quarter last year. The PAT for the nine months ended at Rs 950 Cr and was up 18% from the same period last year. On a comparable basis (excluding the subsidiary’s dividend), PAT increased by 3% for the nine-month period.

Q3 2021-22:

Commenting on the performance for the quarter, Mr. Bharat Puri, Managing Director of Pidilite Industries Ltd, said:

“This quarter saw strong across-the-board volume and value growth across all categories and businesses. Continued and unprecedented inflation in input costs necessitated calibrated pricing actions as well as the need to manage costs aggressively to keep margins within a healthy range. Going forward, we expect near-term demand conditions to be somewhat more challenging, given the disruptions resulting from the pandemic as well as continued input inflation. However, we see demand conditions improving and input costs moderating by the end of the current quarter/beginning of the new fiscal year. We remain confident in the medium to long term potential of the Indian home improvement industry and our ability to generate profitable volume growth.

About Pidilite

Pidilite Industries Limited is one of the leading manufacturers of adhesives & sealants, construction chemicals, craftsmen’s products, do-it-yourself (DIY) products and polymer emulsions in India. Our product range also includes paint chemicals, automotive chemicals, art supplies and stationery, fabric care products, maintenance chemicals, industrial adhesives, industrial resins and organic pigments and preparations. Most products have been developed through strong in-house R&D. Our Fevicol brand has become synonymous with adhesives for millions of people in India and is ranked among the most trusted brands in the country. Some of our other top brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite.

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