Pidilite Industries Q1 FY24 Results: PAT Up 21%, Strong Growth in B2B Segment

On August 07, 2024, Pidilite Industries Limited, a leading Indian manufacturer of adhesives, sealants, and construction chemicals, announced its financial results for the June 30, 2024 quarter.

Overall, UVG was 9.6%. The B2B segment showed strong performance with 18% UVG, driven by both domestic and export markets, while the Consumer & Bazaar (C&B) segment had an 8% UVG. Gross margins increased by 465 basis points (bps) year-on-year due to lower input costs. EBITDA margins improved by 187 bps to 24.6%. The company continued to invest in brand development, new manufacturing facilities, and distribution network expansion. The working capital situation was healthy and improved compared to March 2024, leading to strong cash flows.

Revenue from continuing international subsidiaries (excluding Pidilite USA and Pulvitec Brazil) grew by 9%, with EBITDA margins improving by 189 bps. Domestic subsidiaries’ revenues remained steady with healthy EBITDA margins. Their working capital remained healthy and was lower than in March 2024, leading to strong cash flows.

Revenue from international subsidiaries (except Pidilite USA and Pulvitec Brazil) grew by 9%, with EBITDA margins improving by 189 basis points compared to Q1 FY24. Domestic subsidiaries’ revenues stayed the same but maintained healthy EBITDA margins.

In consolidated performance, Net sales reached ₹3,384 crore, a 4% increase compared to the same quarter last year. On a like-for-like basis, excluding Pidilite USA and Pulvitec Brazil, net sales grew by 6%. EBITDA before non-operating income rose by 15% to ₹813 crore. Profit before tax and exceptional items (PBT) increased by 19% to ₹770 crore, and profit after tax (PAT) grew by 21% to ₹571 crore.

Regarding Standalone Performance, Net sales reached ₹3,134 crore, a 6% increase compared to the same quarter last year. EBITDA before non-operating income rose by 15% to ₹771 crore. Profit before tax and exceptional items (PBT) increased by 18% to ₹742 crore, and profit after tax (PAT) also grew by 18% to ₹552 crore.

About Pidilite

Pidilite Industries Limited is a top Indian manufacturer specialising in adhesives and sealants, construction chemicals, craft products, DIY items, and polymer emulsions.

On August 07, 2024, Pidilite Industries Limited’s share price opened at ₹3,083.55, touching the day’s high at ₹3,196.00 at 2:41 PM on the NSE.

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