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Pidilite Industries Q3 net down -18.9% yoy at Rs358cr on 52% spike in raw material costs

Pidilite Industries Ltd reported 34% yoy growth in total revenues for the Dec-21 quarter on consolidated basis at Rs2,851cr

January 25, 2022 7:24 IST | India Infoline News Service
Pidilite Industries
Pidilite Industries Ltd reported 34% yoy growth in total revenues for the Dec-21 quarter on consolidated basis at Rs2,851cr. On a sequential basis, the revenues were up by 8.54%.

During the December 2021 quarter, the company saw double digit volumes across adhesives, sealants and construction chemicals. It also saw staggered pricing action to partially offset higher material costs.

Growth in urban geographies outpaced the growth in rural geographies in the quarter. Growth in sales was seen in the Consumer & Bazaar (C&B) segment as also the B2B segments.
For the Dec-21 quarter, the operating profits were lower on a yoy basis by -17.4% at Rs489cr. The company reported overall EBITDA of Rs550cr, which was 14% lower on yoy basis.

EBITDA margins stayed robust at 19.3% in the quarter. The pressure on the operating profits came from the 53% spike in the raw material costs in the quarter on a yoy basis.

Operating margins contracted from 25.72% in Dec-20 quarter to 17.14% in the Dec-21 quarter. Operating margins were also lower on a sequential basis.

Net Profit after tax (PAT) for the Dec-21 quarter was down -18.86% yoy at Rs358cr on the back of pressure on operating profits. To an extent, the higher material costs and other expenses were partially offset by inventory efficiency gains in the quarter. 

PAT margins contracted from 19.22% in the Dec-20 quarter to 12.58% in the Dec-21 quarter. The PAT margins were lower on a sequential basis too.


Financial highlights for Dec-21 compared yoy and sequentially


Pidilite Industries
Rs in Crore Dec-21 Dec-20 YOY Sep-21 QOQ
Total Income (Rs cr) ₹ 2,851 ₹ 2,299 24.00% ₹ 2,626 8.54%
Operating Profit (Rs cr) ₹ 489 ₹ 591 -17.38% ₹ 489 -0.14%
Net Profit (Rs cr) ₹ 358 ₹ 442 -18.86% ₹ 375 -4.31%
Diluted EPS (Rs) ₹ 7.05 ₹ 8.69 ₹ 7.37
OPM Margin 17.14% 25.72% 18.63%
Net Margins 12.58% 19.22% 14.27%

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