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Pidilite India reported their consolidated net sales at Rs 1,748 Crores, posting a growth of 15% over the same quarter last year. The net sales for the half year stood at Rs 3,566 Crores and grew by 20% over the same period last year.
According to the company’s press release, profit after tax declined by 9%, to Rs 231 Crores as against the same quarter last year. For the half year, profit after tax stood at Rs 472 Crores, posting a fall of 2%.
EBITDA before non-operating Income stood at Rs 370 Crores and declined by 2%, whereas EBITDA for the half-year stood at Rs 754 Crores and grew by 8% over the same period last year. As per the company’s statement, “The higher decline in consolidated Profit after tax as compared to EBITDA Is primarily on account of the elimination of inter-company dividend and effect of tax thereon.”
On the standalone basis, The company’s profit after tax stood at Rs 245 Crores and posting a decline of 6% as compared to the same quarter last year. Although the net sales grew by 12% to Rs 1,509 Crores driven by an 11% growth in sales volume & mix of Consumer & Bazaar products and 5% growth in sales volume & mix of Industrial Products.
Mr Bharat Puri, Managing Director, Pidilite Industries Ltd, stated, “A challenging cost environment as a result of crude oil inflation and the depreciating rupee has resulted in lower gross margins. We have initiated several cost reduction measures as well as taken some price increases to address this.”
