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Profit after tax at Rs 237 crore declined by 4% over the same quarter last year. Exceptional items represent diminution / impairment in value of investments made by subsidiaries for the quarter ended March 2019 amounting to Rs. 11 crore and for the full financial year Rs. 18 crore. Current tax for the quarter includes Rs 53 crore (Rs 46 crore In previous year) being excess provision of earlier years now written back. For the full financial year 2018-19, profit after tax at Rs 928 crore declined by 4% over the previous financial year
On standalone basis net sales at Rs 1367 crore grew by 8% over the same quarter last year with underlying sales volume & mix growth of 2.5%. This was driven by a 4% growth in sales volume & mix of Consumer & Bazaar products and negative 1% growth in sales volume & mix of Industrial Products. Net sales for finandal year 2018-19 stood at Rs 6048 crore and grew by 15% over the previous financial year with underlying sales volume & mix growth of 10%. This was driven by a 12% growth in sales volume & mix of Consumer & Bazaar products and 2% growth in sales volume & mix of Industrial Products. EBITDA before non-operating income stood at Rs 263 crore and grew by 3% over the same quarter last year given the input cost led contraction in gross margins by 2%. EBITDA for financial year 2018-19 stood at Rs 1298 crore largely flat over the previous financial year, given the input cost led contraction In gross margins by 3%.
Profit after tax stood at Rs 243 crore improved by 2% over the same quarter last year. Current tax for the quarter includes Rs 53 crore (Rs 46 crore in previous year) being excess provision of earlier years now written back. Profit after tax for the full financial year 2018-19 stood at Rs 979 crore grew by 3% over the previous financial year.
Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:
While this quarter has seen some moderation In growth as a result of slower near term market growth, we have delivered double digit volume growth for the year. While gross margins have improved sequentially, they still remain below last year as a result of Input cost Inflation and rupee depreciation. We remain continuously optimistic In the medium term of delivering consistent, profitable volume led growth.
Consolidated Performance for the quarter ended March 2019
For quarter ended March 2019, net sales rose 10% to Rs 1638.93 crore compared to corresponding previous year period. The company operating margins decreased 140 bps to 17%. As a result operating profits rose 2% to Rs 278.88 crore.
Cost of material consumed as a percentage of net sales (net of stock adjustment) rose 200 bps to 46.9%. Purchase of stock in trade decreased 80 bps to 4.5%. Employee benefit expenses increased 160 bps to 12.8%. Other expenses fell 160 bps to 19.4%.
Other income of the company rose 8% to Rs 56.21 crore. Interest cost was Rs 6.67 crore compared to Rs 3.83 crore in Q4FY18. Depreciation was up 31% to Rs 38.96 crore. PBT before EO was down 1% to Rs 289.46 crore. The company had EO expense of Rs 10.96 crore for Q4FY19 representing impairment in value of investments compared to nil in the corresponding previous year period. PBT after EO was down 5% to Rs 278.5 crore.
The effective tax rate decreased to 15.5% from 15.6% owing to which the companys net profit fell 5% at Rs 235.39 crore. Further considering share of profit and loss of Associate Company and minority interest bottomline of the company fell 4% to Rs 235.13 crore.
Consolidated Performance for year ended March 2019
For year ended March 2019, the overall top-line rose 16% to Rs 7078.74 crore compared to corresponding previous year period. The company operating margins decreased 270 bps to 19.3%. As a result operating profits rose 2% to Rs 1368.21 crore.
Other income fell 1% to Rs 146.64 crore. Interest cost was Rs 26.07 crore compared to Rs 15.54 crore in FY18. Depreciation rose 11% to Rs 132.74 crore. PBT before EO was flat at Rs 1356.04 crore. The company had EO expense of Rs 18.02 crore for FY19 representing impairment in value of investments compared to nil in the corresponding previous year. PBT after EO was down 1% to Rs 1338.02 crore.
The effective tax rate increased to 30.9% from 29% owing to which the companys net profit fell 4% at Rs 924.69 crore. Further considering share of profit and loss of Associate Company, and minority interest Bottomline of the company fell 4% to Rs 924.81 crore.
The scrip is currently trading at Rs 1166
Pidilite Industries: Consolidated Results
|Particulars||1903 (3)||1803 (3)||Var. (%)||1903 (12)||1803 (12)||Var. (%)|
|Income from Operations||1638.93||1485.31||10||7078.74||6078.41||16|
|PBT before EO||289.46||292.40||-1||1356.04||1354.21||0|
|PBT after EO||278.50||292.40||-5||1338.02||1354.21||-1|
|Net profit after tax||235.39||246.70||-5||924.69||961.50||-4|
|Share of profit of associate or joint venture||1.47||0.82||79||3.60||4.59|
|* Annualised on current equity of Rs 50.78 crore. Face Value: Rs 1 each |
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database
Pidilite Industries: Consolidated Segment Revenue
|Particulars||1903 (3)||1803 (3)||% of total||Var. (%)||1903 (12)||1803 (12)||% of total||Var. (%)|
|Consumer and Bazaar Products||1364.46||1,227.59||82||11||6070.46||5274.09||84||15|
|Less: Intersegment Revenue-Power||32.01||27.52||123.35||105.91|
|Net Segment Revenue||1638.93||1485.31||7078.74||6218.76|
|Consumer and Bazaar Products||301.01||282.06||88||7||1449.56||1371.8||91||6|
|Consumer and Bazaar Products||2099.09||1924.94||48||9||2099.09||1924.94||48||9|
|Figures in Rs crore. |
LP: Loss to Profit PL: Profit to Loss
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