Pidilite Industries posts one pct decline in consolidated sales

Pidilite Industries Limited, India's leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter ended June 30, 2017.

Gross sales at Rs 1,662 crore declined by one percent over the same quarter last year.

EBITDA, before non-operating income stood at Rs 321 crore for the quarter and declined by 19 percent over same quarter last year.

Net Profit after tax in current quarter is Rs 227 crore declined by 17 percent over same quarter in the last year.

Gross sales at Rs 1,479 crorer was similar to the same quarter last year with underlying volume and mix being largely constant.

EBITDA, before non-operating income, at Rs 306 crore is lower by 21 percent over the same quarter last year.

Net Profit after tax at Rs 217 crore declined by 20 percent over same quarter last year.

Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:"This quarter saw the announcement of the launch of GST, a welcome tax reform for the country. Performance in this quarter was impacted by the short-term challenges of transition to GST largely as a result of destocking by customers in June as well as an upward trend in some key raw material prices. We continued to invest in our brands, people and manufacturing facilities as we remain positive on the medium-term outlook for the industry.