Specialty Chemicals company Pidilite Industries announced Q2FY24 & H1FY24 results: Consolidated: Net sales at Rs 3,065 crore grew by 2% over Q2FY23. Net Sales for H1FY24 stood at Rs 6,329 crore and grew by 4% over H1FY23. EBITDA before non-operating income at Rs 680 crore grew by 36% over Q2FY23. EBITDA for H1FY24 stood at Rs 1,387 crore and grew by 35% over H1FY23. Profit before Tax and Exceptional Items (PBT) at Rs 622 crore grew by 42% over Q2FY23. PBT for H1FY24 stood at Rs 1,266 crore and grew by 39% over H1FY23. Profit after tax (PAT) at Rs 459 crore grew by 36% over Q2FY23. PAT for H1FY24 stood at Rs 932 crore and grew by 34% over H1FY23. Standalone: Net sales at Rs 2,768 crore grew by 2% over Q2FY23. Net sales for H1FY24 stood at Rs 5,720 crore and grew by 4% over H1FY23. EBITDA before non-operating income at Rs 643 crore grew by 38% over Q2FY23. EBITDA for H1FY24 stood at Rs 1,314 crore and grew by 38% over H1FY23. Profit before Tax and Exceptional Items (PBT) at Rs 609 crore grew by 41% over Q2FY23. PBT for H1FY24 stood at Rs 1,239 crore and grew by 42% over H1FY23. Profit after Tax (PAT) at Rs 455 crore grew by 35% over Q2FY23. PAT for H1FY24 stood at Rs 922 crore and grew by 38% over H1FY23. Commenting on the results, Bharat Puri, Managing Director, Pidilite Industries, said, “Despite the challenging operating environment, we delivered good volume growth along with a substantial improvement in profitability. The current quarter's robust UVG was broad-based across categories and geographies. Input prices remained stable resulting in good improvement of gross margins sequentially as well as over last year. We continued to invest in our brands as well as other growth initiatives. We continue to remain optimistic in the near term with tailwinds coming from the extended festive season, an increase in construction activity as well and the government's focus on capex. Though input prices are currently stable, we remain watchful of the current geo-political situation and its impact on input prices as well as global demand.” Result PDF
Conference Call with Pidilite Industries Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Specialty Chemicals company Pidilite Industries announced Q1FY24 results: Consolidated Q1FY24: Net sales at Rs 3,264 crore grew by 6% over Q1FY23. EBITDA before non-operating income at Rs 707 crore grew by 34% over Q1FY23. Profit before Tax and Exceptional Items at Rs 644 crore grew by 36% over Q1FY23. Profit after tax at Rs 474 crore grew by 32% over Q1FY23 Standalone Q1FY24: Net sales at Rs 2,952 crore grew by 6% over Q1FY23. EBITDA before non-operating income at Rs 671 crore grew by 38% over Q1FY23. Profit before Tax and Exceptional Items at Rs 630 crore grew by 42% over Q1FY23. Profit after Tax at Rs 468 crore grew by 40% over Q1FY23. Commenting on the results, Bharat Puri, Managing Director, Pidilite Industries, said, "We started the year on a strong note with our domestic consumer businesses delivering robust volume growths. B2B, exports, and international businesses continued to face sluggish demand conditions. A combination of moderating input prices and operational efficiencies saw our gross margins improve substantially. Part of this was reinvested in our brands and growth-facing initiatives. Looking ahead, growths will largely be volume led. A good monsoon, increased construction activity, and stable input prices enable us to look at the future with increased optimism." Result PDF