Pidilite Industries stocks tanks ~3.5% on muted Q3FY23 performance

25 Jan 2023 , 07:57 PM

Pidilite Industries’ stock was trading about 3.5% lower in Wednesday’s intraday trading session as the company announced lackluster numbers in Q3 of the financial year 2023.

The company has reported a marginal growth of 5.15% yoy in its Net Sales at Rs2,997.59 crore for Q3FY23, against Rs2,850.72 crore in the previous corresponding quarter.

Company’s Net Profit declined to Rs304.17 crore in Q3FY23, down by 15.15% yoy against Rs358.49 crore in the quarter ended December 2021.

The adhesive manufacturer’s EBITDA came in at Rs500.99 crore in the quarter ended December 2022, as against Rs554.20 crore in the same quarter previous year.

While input prices have been significantly reduced, gross margins have only improved marginally over the last quarter, owing primarily to high-priced inventory. Despite increased investment in A&SP, EBITDA margins remain consistent with previous quarters, said the company in its media release.

At around 12.36 PM, Pidilite Industries’ share was trading 3.28% lower at Rs2,304.10 per piece, against the previous close of Rs2,382.35 on NSE. So far in the day, the counter touched an intraday high and low of Rs2,352 and Rs2,299 respectively.

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