Pidilite Industries drops after poor Q1 result

Pidilite Industries lost 3.48% to Rs 799 at 09:25 IST on BSE after consolidated net profit fell 16.77% to Rs 226.51 crore on 2.58% decline in net sales to Rs 1528.92 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 72.36 points or 0.22% at 32,300.63

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 51,272 shares in the past one quarter. The stock had hit a high of Rs 818.60 and a low of Rs 797.55 so far during the day. The stock had hit a record high of Rs 837.10 on 23 June 2017 and a 52-week low of Rs 568.75 on 26 December 2016.

The large-cap company has equity capital of Rs 51.27 crore. Face value per share is Re 1.

Pidilite Industries' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) before non operating income fell 19% to Rs 306 crore in Q1 June 2017 over Q1 June 2016.

Commenting on the results, Pidilite Industries Managing Director Bharat Puri said that performance in Q1 June 2017 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.

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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