Pidilite Industries Ltd. has reported a rise in consolidated net profit for the third quarter of fiscal 2024.
Net profit increased 66% to Rs 510.9 crore in the quarter ended December on improved margin across all product categories, it said in its exchange filing. The company had posted a net profit of Rs 307.7 crore over the same period last year.
Pidilite Industries Q3 FY24 Highlights (Consolidated, YoY)
Revenue up 4.4% at Rs 3,130 crore vs Rs 2,997.6 crore (Bloomberg estimate: Rs 3,221.50 crore).
Ebitda up 49.7% at Rs 742.5 crore vs Rs 495.9 crore (Bloomberg estimate: Rs 736.70 crore).
Margin up 717 bps at 23.72% vs 16.54% (Bloomberg estimate: 22.90%).
Net profit up 66% at Rs 510.9 crore vs Rs 307.7 crore (Bloomberg estimate: Rs 492.70 crore).
The current quarter's revenue growth was aided by robust underlying volume growth of 10.4% across categories and geographies.
Consumer and bazaar and B2B segments reported double-digit underlying volume growth.
The company's standalone revenue for the quarter grew by 5%. Consumer and bazaar segment rose by 5.5% and B2B by 4.6%.
Part of the moderation in input prices were passed on by way of pricing adjustments, it said. Standalone gross margin continued to expand, both sequentially and year-on-year and expanded by 1,191 bps over Q3 FY23 and by 174 bps over Q2 FY24.
“At Pidilite, we delivered another quarter of robust underlying volume growth along with substantially improved profitability. Continued moderation in input costs resulted in good improvements in gross margins, enabling us to invest behind our brands as well as other growth initiatives. Our growth remained broad-based across categories and geographies," said Bharat Puri, managing director at Pidilite Industries.
Shares of the company closed 5.36% lower as against a fall of 1.5% in the benchmark Nifty on Tuesday.
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