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Pidilite Industries reports Q2 FY20 earnings

Posted On: 2019-11-14 22:16:05


Pidilite Industries Limited, India's leading manufacturer of adhesives, sealants and construction chemicals today announced Its financial results for the quarter and six months ended September 30, 2019.

FINANCIAL PERFORMANCE

Consolidated Performance

- Net sales at Rs 1,797 Cr grew by 3% over the same quarter last year. Net sales for the half year ended stood at Rs 3,803 Cr and grew by 7% over the same period last year.

- EBITDA before non-operating income stood at Rs 369 Cr and marginally declined by 0.6% over the same quarter last year, on account of higher A & SP spends. EBITDA for the half year ended stood at Rs 813 Cr and grew by 8% over the same period last year.

- Profit after tax {PAT) at Rs 325 Cr grew by 41% (excluding exceptional items* grew by 49%) over the same quarter last year, mainly on account of reduction in tax rates by government, For the half year ended, profit after tax at FS 520 Cr grew by 31% (excluding exceptional items* grew by 36%).

*Exceptional item represents impairment loss on plant and machinery held for sale amounting to Rs. 22 Cr in current period and in value of investment amounting to Rs. 2 Cr in previous period.

Standalone Performance

- Net sales at Rs 1r 562 Cr grew by 4% over the same quarter last year with underlying sales volume & mix growth of 1%. This was driven by a 13% growth in sales volume & mix of industrial Products and decline of 1% in sales volume & mix of Consumer & Bazaar Products, Net sales for the half year ended stood at Rs 3,330 Cr and grew by 7% over the same period last year.

- EBITDA before non-operating Income stood at Rs 352 Cr and grew by 1% over the same quarter last year, on account of higher A & SP spends. EBITDA for YTD Sept'19 stood at Rs. 770 Cr and grew by 9% over the same period Last year.

- PAT at Fs 324 Cr grew by 33% over the same quarter last year. PAT grew by 49%, excluding exceptional items* and dividend income from subsidiaries and effect of tax thereon, in previous corresponding quarter. Effective tax rate for the quarter has been reduced from 33% to 75% due to reduction in corporate tax rate and remeasurement of deferred tax liability. For the half year ended, PAT at Rs 612 Cr grew by 20%, PAT grew by 34% excluding exceptional items* and income from inter-company transfer of intangible assets and dividend income from subsidiaries and effect of tax thereon, in same period last year.

*Exceptional item represents impairment Loss on plant and machinery held for sale amounting to Rs. 22 Cr in current period.

Commenting on the quarter performance. Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd, said "This quarter has seen moderation of top line growth as a result of the challenging market conditions, the liquidity crunch as well as the prolonged monsoon and attendant disruption. While gross margins nave improved substantially due to softer input costs, higher advertising and sales promotion costs due to phasing in this quarter, saw EDITDA at the same level as last year. For the first half, consolidated net sales grew at 7%, whereas ESTiciA has grown by El% and PAT excluding exceptional items) by 35%.

While we expect demand conditions to improve in the new year, we remain focused on driving volume growth enabled by investments in brand building, capability and growth in small towns and rural India."

Shares of PIDILITE INDUSTRIES LTD. was last trading in BSE at Rs.1333.7 as compared to the previous close of Rs. 1320.6. The total number of shares traded during the day was 53938 in over 2733 trades.

The stock hit an intraday high of Rs. 1346 and intraday low of 1315. The net turnover during the day was Rs. 71666134.


Source: Equity Bulls

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