Pidilite Industries reports 23% growth in consolidated comparable net sales

Mumbai (Maharashtra) [India], Aug 6 (BusinessWire India): Pidilite Industries Limited, India's leading manufacturer of adhesives, sealants and construction chemicals today announced its financial results for the quarter ended June 30, 2018.

On a comparable basis, net sales at Rs 1,818 crore grew by 23 per cent (excluding sales of Cyclo division of Pidilite USA Inc., which was sold by Pidilite USA Inc. in June 2017) over the same quarter last year.

EBITDA, before non-operating income, stood at Rs 384 crore for the quarter and grew by 20 per cent over the same quarter last year, while profit after tax at Rs 240 crore grew by 6 per cent over the same quarter last year.

The lower rate of growth in consolidated PAT is mainly on account of elimination of profit on inter-company transfer of certain intangible assets and effect of tax thereon during the current quarter, and the profit on sale of Cyclo business in the first quarter of the last financial year.

In terms of standalone performance on a comparable basis, net sales at Rs 1,592 crore grew by 21 per cent over the same quarter last year with underlying sales volume and mix growth at 18 per cent. This was driven by a 20 per cent growth in sales volume and mix of consumer and bazaar products and 7 per cent growth in sales volume and mix of industrial products.

EBITDA, before non-operating income, stood at Rs 359 crore and grew by 17 per cent over the same quarter last year, on the back of input led contraction in gross margin and higher A&SP spends.

Profit after tax at Rs 267 creore grew by 23 per cent over the same quarter last year.

"We have delivered another quarter of strong double-digit volume growth. We see gradually improving demand conditions; while input cost volatility and currency led inflation remain areas of concern. We remain committed to our strategic agenda of delivering consistent and profitable volume led growth," said Bharat Puri, Managing Director, Pidilite Industries Ltd. (BusinessWire India)

This story has not been edited. It has been published as provided by ANI