Pidilite Ind Q3 PAT rises 29% YoY to Rs 446 cr

On a consolidated basis, Pidilite Industries reported a 29% jump in net profit to Rs 446.43 crore on 19.3% rise in net sales to Rs 2299 crore in Q3 FY21 over Q3 FY20.

Profit before tax stood at Rs 601 crore in Q3 FY21, a 32.3% jump over Rs 454.53 crore in Q3 FY20. Current tax expense spiked 46% to Rs 154.26 crore in Q3 FY21 over Q3 FY20.

Pidilite said the Consumer and Bazaar (C&B) segment registered volume and value growth in excess of 20% during this quarter. Robust growth was registered across all verticals driven by continued demand momentum in rural areas and strong recovery in urban including metros. Due to resurgence in industrial activity healthy volume growth has been registered in the Business to Business (B2B) segment too. Overseas subsidiaries have also performed strongly, reporting double-digit constant currency revenue growth as well as strong earnings growth. While domestic subsidiaries in the C&B segment have shown healthy growth, subsidiaries in the B2B segment have shown signs of recovery in the later part of the quarter.

EBITDA before non-operating income stood at Rs 641 crore in Q3 FY21, rising by 38% over the same quarter last year on account of lower input cost and A&SP spends.

Commenting on the quarter performance, Bharat Puri, MD of Pidilite Industries said, "This quarter witnessed broad based growth across all businesses and geographies. While the Consumer and Bazaar businesses grew volumes in excess of twenty percent, the B2B segment also returned to double digit growth. Profitability was higher due to benefits of input costs and lower discretionary spends. However, with significant inflation in input costs, margins will be under pressure in the coming quarters. Our focus will be on driving volume growth through investment in our brands, sales and distribution as well as consumer relevant innovation. Going forward we remain cautiously optimistic on continuing robust demand conditions."

Shares of Pidilite Industries were up 0.38% at Rs 1723. Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products and polymer emulsions in India.

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