|
Consolidated net sales (including other
operating income) of Pidilite Industries has increased 4.42% to Rs 3129.99
crore in Q3FY24 compared to Q3FY23. The
current quarter`s revenue growth was aided by robust UVG (underlying volume
growth) of 10.4% across categories and geographies. This growth was broad based
across Consumer and Bazaar (C&B) and Business to Business (B2B) segments
with both segments reporting double digit UVG. Both Urban and Rural markets
grew with rural and small town markets outpacing urban growth. Export demand
remained strong with double digit UVG. Standalone revenue for the quarter grew
by 5% led by strong UVG across categories and geographies. C&B segment grew
by 5.5% and B2B grew by 4.6%.
Sales of Consumer & Bazaar Products
segment has gone up 4.94% to Rs 2,541.27 crore (accounting for 79.71% of total
sales). Sales of Business to Business
segment has gone up 6.24% to Rs 637.32 crore (accounting for 19.99% of total
sales). Sales of Others segment fell
70.88% to Rs 9.71 crore (accounting for 0.30% of total sales). Inter-segment sales rose Rs 57.24 crore to Rs
58.31 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 45.98% to Rs 847.09 crore. PBIT of Consumer & Bazaar Products
segment rose 43.41% to Rs 770.43 crore (accounting for 90.95% of total PBIT). PBIT of Business to Business segment rose
93.38% to Rs 75.65 crore (accounting for 8.93% of total PBIT). PBIT of Others segment fell 74.30% to Rs 1.01
crore (accounting for 0.12% of total PBIT).
PBIT margin of Consumer & Bazaar Products
segment rose from 22.18% to 30.32%. PBIT
margin of Business to Business segment rose from 6.52% to 11.87%. PBIT margin of Others segment fell from
11.78% to 10.40%. Overall PBIT margin
rose from 19.00% to 26.57%.
Operating profit margin has jumped from
16.54% to 23.72%, leading to 49.73% rise in operating profit to Rs 742.45
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 50.54% to 39.67%. Purchase of finished goods cost fell from
7.39% to 6.79%. Employee cost increased
from 10.36% to 12.06%. Other expenses rose
from 15.08% to 17.46%.
Part of the moderation in input prices was
passed on by way of pricing adjustments. Standalone Gross Margins continued to
expand, both sequentially and year on year and expanded by 1,191 bps over Q3
FY23 and by 174 bps over Q2 FY24. Higher investment in brands and customer
facing initiatives continued during the current quarter. EBITDA Margins improved
by 776 bps over Q3 FY23 and by 188 bps over Q2 FY24.
Other income rose 620.86% to Rs 36.98
crore. PBIDT rose 55.58% to Rs 779.43
crore. Provision for interest fell
15.44% to Rs 12.76 crore.
PBDT rose 57.78% to Rs 766.67 crore. Provision for depreciation rose 15.84% to Rs
79.49 crore.
Profit before tax grew 64.68% to Rs 687.18
crore. Share of profit/loss was 85%
lower at Rs 0.24 crore. Provision for
tax was expense of Rs 176.5 crore, compared to Rs 111.14 crore. Effective tax rate was 25.68% compared to
26.53%.
Minority interest decreased 87.68% to Rs 0.44
crore. Net profit attributable to owners
of the company increased 67.83% to Rs 510.48 crore.
Promoters’ stake was 69.84% as of 31 December
2023 ,compared to 69.94% as of 31 December 2022.
Commenting
on the results, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd,
said:
“At Pidilite, we delivered another quarter of robust Underlying Volume Growth
(‘UVG’) along with substantially improved profitability. Continued moderation
in input costs resulted in good improvements in Gross Margins, enabling us to
invest behind our brands as well as other growth initiatives. Our growth
remained broad based across categories and geographies. We continue to remain
optimistic about market demand in the near term, with increased government
spending and the overall improvement in construction activities. We remain
committed to deliver volume led profitable growth via investment in our brands,
supply chain, digital infrastructure, innovation and customer facing
initiatives.”
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Pidilite Industries has increased 4.08% to Rs 9481.14 crore. Sales of Consumer & Bazaar Products
segment has gone up 5.78% to Rs 7,710.40 crore (accounting for 79.57% of total
sales). Sales of Industrial Products
segment has gone down 0.77% to Rs 1,930.66 crore (accounting for 19.92% of
total sales). Sales of Others segment
fell 39.56% to Rs 49.28 crore (accounting for 0.51% of total sales). Inter-segment sales rose Rs 206.17 crore to
Rs 209.20 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 36.39% to Rs 2,410.54 crore. PBIT of Consumer & Bazaar Products
segment rose 35.83% to Rs 2,171.76 crore (accounting for 90.09% of total
PBIT). PBIT of Industrial Products
segment rose 44.21% to Rs 235.75 crore (accounting for 9.78% of total
PBIT). PBIT of Others segment fell
39.52% to Rs 3.03 crore (accounting for 0.13% of total PBIT).
PBIT margin of Consumer & Bazaar Products
segment rose from 21.94% to 28.17%. PBIT
margin of Industrial Products segment rose from 8.40% to 12.21%. PBIT margin of Others segment rose from 6.14%
to 6.15%. Overall PBIT margin rose from
18.97% to 24.88%.
Operating profit margin has jumped from
16.74% to 22.46%, leading to 39.62% rise in operating profit to Rs 2,129.43
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 50.97% to 41.77%. Purchase of finished goods cost fell from
7.69% to 6.33%. Employee cost increased
from 10.14% to 11.71%. Other expenses
rose from 14.52% to 17.35%.
Other income rose 242.22% to Rs 91.68
crore. PBIDT rose 43.11% to Rs 2221.11
crore. Provision for interest rose 5.50%
to Rs 37.77 crore.
PBDT rose 44% to Rs 2183.34 crore. Provision for depreciation rose 17.85% to Rs
228.13 crore.
Profit before tax grew 47.83% to Rs 1,955.21
crore. Provision for tax was expense of
Rs 510.01 crore, compared to Rs 327.71 crore.
Effective tax rate was 26.11% compared to 24.63%.
Minority interest increased 12.20% to Rs
14.35 crore. Net profit attributable to
owners of the company increased 44.29% to Rs 1,428.79 crore.
Promoters’ stake was 69.84% as of 31 December
2023 ,compared to 69.94% as of 31 December 2022 .
The scrip is currently trading at Rs 2593
|
Pidilite Industries : Consolidated
Results
|
|
Particulars
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
3,129.99
|
2,997.59
|
4
|
9,481.14
|
9,109.85
|
4
|
11,799.10
|
9,920.96
|
19
|
|
OPM
(%)
|
23.7
|
16.5
|
|
22.5
|
16.7
|
|
16.8
|
18.6
|
|
|
OP
|
742.45
|
495.86
|
50
|
2,129.43
|
1,525.21
|
40
|
1,984.37
|
1,847.29
|
7
|
|
Other
Inc.
|
36.98
|
5.13
|
621
|
91.68
|
26.79
|
242
|
49.61
|
36.3
|
37
|
|
PBIDT
|
779.43
|
500.99
|
56
|
2,221.11
|
1,552.00
|
43
|
2,033.98
|
1,883.59
|
8
|
|
Interest
|
12.76
|
15.09
|
-15
|
37.77
|
35.8
|
6
|
47.64
|
42.08
|
13
|
|
PBDT
|
766.67
|
485.9
|
58
|
2,183.34
|
1,516.20
|
44
|
1,986.34
|
1,841.51
|
8
|
|
Depreciation
|
79.49
|
68.62
|
16
|
228.13
|
193.58
|
18
|
269.74
|
239.61
|
13
|
|
PBT
|
687.18
|
417.28
|
65
|
1955.21
|
1322.62
|
48
|
1716.6
|
1601.9
|
7
|
|
Share
of Profit/(Loss) from Associates
|
0.24
|
1.6
|
-85
|
-2.06
|
8.1
|
PL
|
6.64
|
11.88
|
-44
|
|
PBT
before EO
|
687.42
|
418.88
|
64
|
1953.15
|
1330.72
|
47
|
1723.24
|
1613.78
|
7
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
687.42
|
418.88
|
64
|
1953.15
|
1330.72
|
47
|
1723.24
|
1613.78
|
7
|
|
Taxation
|
176.5
|
111.14
|
59
|
510.01
|
327.71
|
56
|
434.37
|
407.02
|
7
|
|
PAT
|
510.92
|
307.74
|
66
|
1443.14
|
1003.01
|
44
|
1288.87
|
1206.76
|
7
|
|
Minority
Interest (MI)
|
0.44
|
3.57
|
-88
|
14.35
|
12.79
|
12
|
15.62
|
-0.8
|
PL
|
|
Net
profit
|
510.48
|
304.17
|
68
|
1428.79
|
990.22
|
44
|
1273.25
|
1207.56
|
5
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
25.03
|
23.74
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 50.86 crore, Face value of Rs 1, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Pidilite Industries : Consolidated
Segment Results
|
|
|
%
of (Total)
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
%
of (Total)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
%
of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Consumer
& Bazaar Products
|
80
|
2,541.27
|
2,421.57
|
5
|
80
|
7,710.40
|
7,288.91
|
6
|
78
|
9,401.67
|
7,794.41
|
21
|
|
Business
to Business
|
20
|
637.32
|
599.91
|
6
|
20
|
1,930.66
|
1,945.58
|
-1
|
|
|
|
|
|
Others
|
0
|
9.71
|
33.35
|
-71
|
1
|
49.28
|
81.53
|
-40
|
1
|
102.19
|
63.7
|
60
|
|
Total
Reported Sales
|
100
|
3,188.30
|
3,054.83
|
4
|
100
|
9,690.34
|
9,316.02
|
4
|
100
|
12,083.42
|
10,136.43
|
19
|
|
Less:
Inter segment revenues
|
|
58.31
|
57.24
|
2
|
|
209.2
|
206.17
|
1
|
|
284.32
|
215.47
|
32
|
|
Net
Sales
|
|
3,129.99
|
2,997.59
|
4
|
|
9,481.14
|
9,109.85
|
4
|
|
11,799.10
|
9,920.96
|
19
|
|
PBIT
|
|
|
|
|
|
Consumer
& Bazaar Products
|
91
|
770.43
|
537.22
|
43
|
90
|
2,171.76
|
1,598.87
|
36
|
90
|
2,054.82
|
1,933.70
|
6
|
|
Business
to Business
|
9
|
75.65
|
39.12
|
93
|
10
|
235.75
|
163.48
|
44
|
|
|
|
|
|
Others
|
0
|
1.01
|
3.93
|
-74
|
0
|
3.03
|
5.01
|
-40
|
0
|
5.67
|
-2.16
|
LP
|
|
Total
PBIT
|
100
|
847.09
|
580.27
|
46
|
100
|
2,410.54
|
1,767.36
|
36
|
100
|
2,294.70
|
2,084.24
|
10
|
|
Less
: Interest
|
|
12.76
|
15.09
|
-15
|
|
37.77
|
35.8
|
6
|
|
47.64
|
42.08
|
13
|
|
Add:
Other un-allcoable
|
|
-146.91
|
-146.3
|
0
|
|
-419.62
|
-400.84
|
-5
|
|
-523.82
|
-428.38
|
-22
|
|
PBT
|
|
687.42
|
418.88
|
64
|
|
1,953.15
|
1,330.72
|
47
|
|
1,723.24
|
1,613.78
|
7
|
|