|
Consolidated net sales (including other
operating income) of Pidilite Industries has increased 7.91% to Rs 2901.85
crore. Sales of Consumer & Bazaar
Products segment has gone up 6.36% to Rs 2,247.22 crore (accounting for 75.74%
of total sales). Sales of Business to
Business segment has gone up 11.66% to Rs 707.90 crore (accounting for 23.86%
of total sales). Sales of Others segment
fell 43.03% to Rs 11.77 crore (accounting for 0.40% of total sales). Inter-segment sales came down from Rs 78.15
crore to Rs 65.04 crore.
For the current quarter, UVG (underlying
volume growth) was 15.2% with 12.7% UVG in C&B businesses and 25.2% UVG in
B2B businesses. Gross Margin in the quarter was higher by 691 bps compared to
last year same quarter. Higher investment in brands and customer facing
initiatives continued during the current quarter. As a result, EBITDA Margin
for the quarter was 20.5% as compared to 18.4% last year.
The current year`s revenue was underpinned by
robust UVG across categories and geographies along with mix improvement. This
growth was broad based with both the segments - Consumer & Bazar (C&B)
and Business to Business (B2B) achieving double digit UVG, enabled by
distribution expansion, innovation, supply chain and digital
initiatives.Geographically, both Urban and Rural markets grew, with rural
markets outpacing urban growth.
Input prices eased during the year leading to
substantial expansion in Gross Margins (by 955 bps over FY23). EBITDA margins
improved by 534 bps over FY23, after passing benefits of lower input costs to
customers and increased A&SP spends.
Despite the global economic uncertainty,
inflation and political instability in some countries, International
subsidiaries (excluding Pidilite USA and Pulvitec Brazil) revenues for the year
grew by 7.8% over FY23 with EBITDA margins improving from 10.8% to 14.8%.
Domestic C&B subsidiaries reported
industry leading growth with improvement in EBITDA margins. B2B subsidiaries
also achieved double digit sales growth and with 550 bps improvement in EBITDA
margins. In March 24, it divested the business in Brazil and with this, it has
now fully exited the businesses in Americas.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 19.21% to Rs 628.62 crore. PBIT of Consumer & Bazaar Products
segment rose 19.49% to Rs 544.83 crore (accounting for 86.67% of total
PBIT). PBIT of Business to Business
segment rose 18.07% to Rs 83.51 crore (accounting for 13.28% of total PBIT). PBIT of Others segment fell 57.58% to Rs 0.28
crore (accounting for 0.04% of total PBIT).
PBIT margin of Consumer & Bazaar Products
segment rose from 21.58% to 24.24%. PBIT
margin of Business to Business segment rose from 11.16% to 11.80%. PBIT margin of Others segment fell from 3.19%
to 2.38%. Overall PBIT margin rose from
19.06% to 21.19%.
Operating profit margin has jumped from
17.07% to 19.88%, leading to 25.65% rise in operating profit to Rs 576.93
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 47.78% to 41.19%. Purchase of finished goods cost rose from
5.86% to 5.96%. Employee cost increased
from 11.71% to 12.74%. Other expenses
rose from 17.73% to 20.44%.
Other income rose 114.20% to Rs 48.88
crore. PBIDT rose 29.84% to Rs 625.81
crore. Provision for interest rose
13.34% to Rs 13.42 crore. Loan funds
declined from Rs 390.61 crore as of 31 March 2023 to Rs 382.47 crore as of 31
March 2024. Inventories declined from Rs
1,817.08 crore as of 31 March 2023 to Rs 1,414.90 crore as of 31 March
2024. Sundry debtors were higher at Rs
1,674.69 crore as of 31 March 2024 compared to Rs 1,535.27 crore as of 31 March
2023. Cash and bank balance rose to Rs
533.29 crore as of 31 March 2024 from Rs 326.67 crore as of 31 March 2023. Investments rose to Rs 2,235.04 crore as of
31 March 2024 from Rs 880.85 crore as of 31 March 2023 .
PBDT rose 30.26% to Rs 612.39 crore. Provision for depreciation rose 47.75% to Rs
112.53 crore. Fixed assets increased to
Rs 4,317.00 crore as of 31 March 2024 from Rs 4,030.26 crore as of 31 March
2023. Intangible assets declined from Rs
1,289.76 crore to Rs 1,281.72 crore.
Profit before tax grew 26.87% to Rs 499.86
crore. Share of profit/loss was 36.30%
lower at Rs -1.99 crore. Provision for
tax was expense of Rs 121.91 crore, compared to Rs 106.66 crore. Effective tax rate was 28.60% compared to
27.17%.
Minority interest increased 30.39% to Rs 3.69
crore. Net profit attributable to owners
of the company increased 6.21% to Rs 300.60 crore.
Equity capital increased from Rs 50.83 crore
as of 31 March 2023 to Rs 50.86 crore as of 31 March 2024. Per share face Value remained same at Rs
1.00.
Commenting
on the results, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd,
said:
“At Pidilite, we delivered robust double digit
Underlying Volume Growth (UVG) as well as substantial improvement in
profitability, both for the quarter as well as FY 24. Continued investment in
our brands, growth and capability initiatives as well as moderation in input
prices, contributed to this strong performance.
While there may be short term softness in the
environment in near term, we continue to remain optimistic about market demand
in the medium term, with overall increase in construction activities,
government spending and increasing prosperity.”
Promoters’ stake was 69.77% as of 31 March
2024 compared to 69.94% as of 31 March 2023 .
Full
year results analysis
Net sales (including other operating income)
of Pidilite Industries has increased 4.95% to Rs 12382.99 crore. Sales of Consumer & Bazaar Products segment
has gone up 5.91% to Rs 9,957.62 crore (accounting for 78.67% of total
sales). Sales of Business to Business
segment has gone up 2.29% to Rs 2,638.56 crore (accounting for 20.85% of total
sales). Sales of Others segment fell
40.25% to Rs 61.06 crore (accounting for 0.48% of total sales). Inter-segment sales came down from Rs 284.32
crore to Rs 274.25 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 32.44% to Rs 3,039.17 crore. PBIT of Consumer & Bazaar Products
segment rose 32.21% to Rs 2,716.60 crore (accounting for 89.39% of total
PBIT). PBIT of Business to Business
segment rose 36.31% to Rs 319.26 crore (accounting for 10.50% of total PBIT). PBIT of Others segment fell 41.62% to Rs 3.31
crore (accounting for 0.11% of total PBIT).
PBIT margin of Consumer & Bazaar Products
segment rose from 21.86% to 27.28%. PBIT
margin of Business to Business segment rose from 9.08% to 12.10%. PBIT margin of Others segment fell from 5.55%
to 5.42%. Overall PBIT margin rose from
18.99% to 24.01%.
Operating profit margin has jumped from
16.82% to 21.86%, leading to 36.43% rise in operating profit to Rs 2,707.27
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 50.24% to 41.63%. Purchase of finished goods cost fell from
7.27% to 6.24%. Employee cost increased
from 10.50% to 11.95%. Other expenses
rose from 15.26% to 18.08%.
Other income rose 181.50% to Rs 139.65
crore. PBIDT rose 39.97% to Rs 2846.92
crore. Provision for interest rose 7.45%
to Rs 51.19 crore. Loan funds declined
from Rs 390.61 crore as of 31 March 2023 to Rs 382.47 crore as of 31 March
2024. Inventories declined from Rs
1,817.08 crore as of 31 March 2023 to Rs 1,414.90 crore as of 31 March
2024. Sundry debtors were higher at Rs
1,674.69 crore as of 31 March 2024 compared to Rs 1,535.27 crore as of 31 March
2023. Cash and bank balance rose to Rs
533.29 crore as of 31 March 2024 from Rs 326.67 crore as of 31 March 2023. Investments rose to Rs 2,235.04 crore as of
31 March 2024 from Rs 880.85 crore as of 31 March 2023 .
PBDT rose 40.75% to Rs 2795.73 crore. Provision for depreciation rose 26.29% to Rs
340.66 crore. Fixed assets increased to
Rs 4,317.00 crore as of 31 March 2024 from Rs 4,030.26 crore as of 31 March
2023. Intangible assets declined from Rs
1,289.76 crore to Rs 1,281.72 crore.
Profit before tax grew 43.02% to Rs 2,455.07
crore. Provision for tax was expense of
Rs 631.93 crore, compared to Rs 434.37 crore.
Effective tax rate was 26.56% compared to 25.21%.
Minority interest increased 15.49% to Rs
18.04 crore. Net profit attributable to
owners of the company increased 35.82% to Rs 1,729.38 crore.
Equity capital increased from Rs 50.83 crore
as of 31 March 2023 to Rs 50.86 crore as of 31 March 2024. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 69.77% as of 31 March
2024 ,compared to 69.94% as of 31 March 2023 .
Cash flow from operating activities increased
to Rs 2,724.03 crore for year ended March 2024 from Rs 1,557.57 crore for year
ended March 2023.
The scrip is currently trading at Rs 2807
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Pidilite Industries : Consolidated
Results
|
|
Particulars
|
2403
(03)
|
2303
(03)
|
Var.(%)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Net
Sales
|
2,901.85
|
2,689.25
|
8
|
12,382.99
|
11,799.10
|
5
|
|
OPM
(%)
|
19.9
|
17.1
|
|
21.9
|
16.8
|
|
|
OP
|
576.93
|
459.16
|
26
|
2,707.27
|
1,984.37
|
36
|
|
Other
Inc.
|
48.88
|
22.82
|
114
|
139.65
|
49.61
|
182
|
|
PBIDT
|
625.81
|
481.98
|
30
|
2,846.92
|
2,033.98
|
40
|
|
Interest
|
13.42
|
11.84
|
13
|
51.19
|
47.64
|
7
|
|
PBDT
|
612.39
|
470.14
|
30
|
2,795.73
|
1,986.34
|
41
|
|
Depreciation
|
112.53
|
76.16
|
48
|
340.66
|
269.74
|
26
|
|
PBT
|
499.86
|
393.98
|
27
|
2455.07
|
1716.6
|
43
|
|
Share
of Profit/(Loss) from Associates
|
-1.99
|
-1.46
|
-36
|
-4.05
|
6.64
|
PL
|
|
PBT
before EO
|
497.87
|
392.52
|
27
|
2451.02
|
1723.24
|
42
|
|
EO
Income
|
-71.67
|
0
|
-
|
-71.67
|
0
|
-
|
|
PBT
after EO
|
426.2
|
392.52
|
9
|
2379.35
|
1723.24
|
38
|
|
Taxation
|
121.91
|
106.66
|
14
|
631.93
|
434.37
|
45
|
|
PAT
|
304.29
|
285.86
|
6
|
1747.42
|
1288.87
|
36
|
|
Minority
Interest (MI)
|
3.69
|
2.83
|
30
|
18.04
|
15.62
|
15
|
|
Net
profit
|
300.6
|
283.03
|
6
|
1729.38
|
1273.25
|
36
|
|
EPS
(Rs)*
|
#
|
#
|
|
35.0
|
25.0
|
|
|
Notes
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|
*
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
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|
Pidilite Industries : Consolidated
Segment Results
|
|
|
%
of (Total)
|
2403
(03)
|
2303
(03)
|
Var.(%)
|
%
of (Total)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Sales
|
|
Consumer
& Bazaar Products
|
76
|
2,247.22
|
2,112.76
|
6
|
79
|
9,957.62
|
9,401.67
|
6
|
|
Business
to Business
|
24
|
707.9
|
633.98
|
12
|
21
|
2,638.56
|
2,579.56
|
2
|
|
Others
|
0
|
11.77
|
20.66
|
-43
|
0
|
61.06
|
102.19
|
-40
|
|
Total
Reported Sales
|
100
|
2,966.89
|
2,767.40
|
7
|
100
|
12,657.24
|
12,083.42
|
5
|
|
Less:
Inter segment revenues
|
|
65.04
|
78.15
|
-17
|
|
274.25
|
284.32
|
-4
|
|
Net
Sales
|
100
|
2,901.85
|
2,689.25
|
8
|
100
|
12,382.99
|
11,799.10
|
5
|
|
PBIT
|
|
Consumer
& Bazaar Products
|
87
|
544.83
|
455.95
|
19
|
89
|
2,716.60
|
2,054.82
|
32
|
|
Business
to Business
|
13
|
83.51
|
70.73
|
18
|
11
|
319.26
|
234.21
|
36
|
|
Others
|
0
|
0.28
|
0.66
|
-58
|
0
|
3.31
|
5.67
|
-42
|
|
Total
PBIT
|
100
|
628.62
|
527.34
|
19
|
100
|
3,039.17
|
2,294.70
|
32
|
|
Less
: Interest
|
|
13.42
|
11.84
|
13
|
|
51.19
|
47.64
|
7
|
|
Add:
Other un-allcoable
|
|
-189
|
-122.98
|
-54
|
|
-608.63
|
-523.82
|
-16
|
|
PBT
|
100
|
426.2
|
392.52
|
9
|
100
|
2,379.35
|
1,723.24
|
38
|
|