Pidilite Industries on Tuesday reported a 12.4 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 286 crore for the quarter ended on 31 March, 2023, the company said in its regulatory filing.
Its consolidated net sales also grew by 7 per cent YoY at Rs 2,674 crore and its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 14.5 per cent YoY in the quarter gone by at Rs 459 crore.
The company renowned for its waterproofing product Dr. Fixit, reported a significant 8.3 per cent reduction in raw material costs amounting to Rs 129.7 crore during the quarter. This cost reduction played a key role in enhancing the company’s gross margins.
Additionally, Pidilite’s consumer and bazaar segment, responsible for supplying adhesives, craft materials, and construction and paint chemicals to retail users, experienced a robust revenue growth of 10.45 per cent YoY. This segment contributes nearly 80 per cent of Pidilite’s overall revenue.
“The moderation in input costs, easing of inflation and the growth in infrastructure and construction should enable us to deliver volume lead profitable growth,” said Managing Director Bharat Puri.
Puri mentioned that the immediate future is expected to be marked by uncertainty.
Also, the company proposed a dividend of 11 rupees per share for the fiscal year 2023.
