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Business Wire IndiaPidilite Industries Limited, India’s leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter and nine months ended December 31, 2020.
The Consumer and Bazaar (C&B) segment registered volume and value growth in excess of twenty percent 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.
FINANCIAL PERFORMANCE
Consolidated Performance
- Net sales at Rs 2,290 Cr grew by 20% (*Excluding PAPL 16%) over the same quarter last year. Net sales for the nine months ended stood at Rs 5,021 Cr and declined by 12% over the same period last year.
- EBITDA before non-operating income at Rs 641 Cr grew by 38% (*Excluding PAPL 33%) over the same quarter last year on account of lower input cost and A&SP spends . EBITDA for the nine months ended stood at Rs 1,223 Cr and declined by 4% over the same period last year.
- Profit before Tax and Exceptional items (PBT) at Rs 601 Cr grew by 32% (*Excluding PAPL 27%) over the same quarter last year. PBT for the nine months ended stood at Rs 1,111 Cr and declined by 12% over the same period last year.
- Profit after tax (PAT) at Rs 446 Cr grew by 29% (*Excluding PAPL 23%) over the same quarter last year. For the nine months ended, PAT at Rs 819 Cr declined by 15% over same period last year due to tax reversal in the prior year with reduction in corporate tax rate (on like to like basis PAT declined by 13%).
* The Company acquired 100% stake in Pidilite Adhesives Pvt Ltd (PAPL) [Formerly known as Huntsman Advanced Materials Solutions Private Limited (HAMSPL)] on 3rd November 2020.
Standalone Performance
- Net sales at Rs 1,948 Cr grew by 18% over the same quarter last year with underlying sales volume and mix growth of 19%. This was driven by 22% growth in sales volume and mix of C&B and 12% growth in sales volume & mix of B2B. Net sales for the nine months ended stood at Rs 4,355 Cr and declined by 13% over the same period last year.
- EBITDA before non-operating income at Rs 572 Cr grew by 33% over the same quarter last year on account of lower input cost and A&SP spends. EBITDA for nine months ended stood at Rs 1,142 Cr and declined by 5% over the same period last year.
- Profit before Tax and Exceptional Items (PBT) at Rs 549 Cr grew by 27% over the same quarter last year. PBT for the nine months ended stood at Rs 1,081 Cr and declined by 12% over the same period last year.
- PAT at Rs 409 Cr grew by 24% over the same quarter last year. For the nine months ended, PAT at Rs 805 Cr declined by 15% over same period last year due to tax reversal in the prior year with reduction in corporate tax rate (on like to like basis PAT declined by 12%).
Commenting on the quarter performance, Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said:
Q3 2020-21:
“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.”
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