Pidilite Industries Q2 result: Net profit jumps 35% to Rs 45 crore

Revenue from operations was up 2.15% at Rs 3,076.04 crore during the second quarter of this fiscal

Pidilite Industries Ltd on Wednesday reported a 35.76 per cent increase in consolidated net profit to Rs 458.53 crore for the second quarter that ended on September 2023, helped by volume growth and stable input prices.

The company, which manufactures adhesives, sealants and construction chemicals, had logged a profit of Rs 337.75 crore in the April-June period a year ago.

Revenue from operations was up 2.15 per cent at Rs 3,076.04 crore during the second quarter of this fiscal. It stood at Rs 3,011.15 crore in the year-ago period, according to a regulatory filing by Pidilite Industries.

Consolidated revenue for the quarter grew by 2 per cent led by strong Underlying Volume Growth (UVG) across categories and geographies, said an earnings statement from the company.

Pidilite Industries' total expenses in the September quarter were at Rs 2,484.67 crore, down 3.94 per cent.

Total income of Pidilite Industries' was at Rs 3,107.63 crore, up 2.82 per cent.

Commenting on the results, Managing Director Bharat Puri 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," he said.

Over the outlook, he said the company remains optimistic in the near term with tailwinds coming from the extended festive season, an increase in construction activity as well as 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, said Puri.

Shares of Pidilite Industries on Wednesday settled 1.46 per cent lower at Rs 2,473.05 apiece on the BSE.