Stock Report

Pidilite Industries Q1 net profit up at Rs.58 Crores

Posted On : 2007-07-24 11:21:55( TIMEZONE : IST )

Pidilite Industries Ltd has announced the following unaudited results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs 580 million for the quarter ended June 30, 2007 as compared to Rs 379 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 2942 million for the quarter ended June 30, 2006 to Rs 3784 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.2.3 for the quarter ended June 30, 2007 compared to Rs.1.5 during quarter ended June 30, 2006.

The Company has entered into an agreement for acquisition of plant, machinery, technology, patent & trademark of an international specialty chemical company. The plant will be located in India.

Pidilite Do Brasil Desenvolvimento De Negocios Ltda. a wholly owned subsidiary of the Company has acquired the entire Share Capital of M/s. Pulvitec do Brasil Industria e Comercio de Colas e adesiveos Limitada which is engaged in the business of manufacturing adhesives, sealants and construction chemicals. The business has annual sales of approximately Rs 750 million.

Pidilite Middle East Ltd, a wholly owned subsidiary of the Company has incorporated a Company in Jabel Ali Free Zone, Dubai, UAE namely "Nebula Trading FZE" which will be engaged in business development, sales promotion and marketing of the Company´s products and of others.

The Hon´ble High Court of Judicature at Mumbai has directed convening of Shareholders meetings of the Company and Vinyl Chemicals (India) Ltd. (VCIL) on August 27, 2007 for approval of the Scheme of Demerger of Manufacturing Undertaking of VCIL at Mahad into the Company. The appointed date for such demerger is April 01, 2007 and because of the proposal being subject to all approvals, the figures shown herein do not include those relative to the said manufacturing division.

The stock closed the day at Rs.139, down by Rs.5.35 or 3.71%. The total traded quantity was 78480 compared to 2 week average of 127209. The stock hit an intraday high of Rs.148.50 and low of Rs.137.20.