Pidilite Industries Q1 profit up 64% at Rs 358 cr; revenue jumps 60%

Pidilite Industries on Wednesday reported 64.27 per cent rise in consolidated net profit at Rs 357.52 crore for June quarter 2022-23, led by growth in sales and volume.

The company which manufactures adhesives, sealants and construction chemicals had logged a profit of Rs 217.64 crore in April-June period a year ago.

Revenue from operations was up 60.11 per cent at Rs 3,101.11 crore during the quarter under review as against Rs 1,936.79 crore in the year-ago period, Pidilite Industries said in a regulatory filing.

"The current quarter recorded robust revenue growth, a combination of higher volumes and measured price increases," said an earning statement of Pidilite Industries.

However, it added that input costs remained elevated during the quarter and cost efficiency measures ensured PAT growth in line with revenue growth.

Total expenses were at Rs 2,641.98 crore as against Rs 1,655.45 crore.

Revenue from the 'Consumer & Bazaar' segment was up 63.9 per cent to Rs 2,435.84 crore in April-June as against Rs 1,486.24 crore in the corresponding quarter a year ago.

Revenue from the Business to Business segment was at Rs 721.95 crore as against Rs 482.02 crore in Q1/FY22.

"Consumer & Bazaar reported growth across all geographies and categories of adhesives, construction chemicals and DIY portfolio. Business to Business growth was strong across all verticals," it said.

Managing Director Bharat Puri said Pidilite Industries had a value and volume growths which is 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, he said.

"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, he added.

Shares of Pidilite Industries settled at Rs 2,637.45 apiece, down 0.47 per cent on BSE.