Pidilite Industries Q4FY23 PAT up 11.3% yoy at Rs283 crore on 7% EBITDA growth
Pidilite Industries reported 7.27% growth in total revenues for the March 2023 quarter on consolidated basis at Rs2,689cr. On a sequential basis, the revenues were up down by -10.3%. While the sales of the consumer and bazaar (C&B) vertical showed good growth, the sales from the B2B business were marginally lower yoy. However, in terms of EBITDA performance, the C&B business and the B2B business showed higher profits yoy.
The company has improved its operating margins and net margins on a yoy basis and on sequential basis. The company also declared dividend at Rs11 per share. The domestic C&B business grew by 10% in the latest quarter largely on the back of 7% growth in volumes. The B2B basically took a hit on account of weak exports and hence lower demand from export reliant businesses during the quarter. Exports have been hit by the global slowdown.
Financial highlights for Mar-23 compared yoy and sequentially
| Pidilite Industries | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
| Total Income (Rs cr) | ₹ 2,689 | ₹ 2,507 | 7.27% | ₹ 2,998 | -10.29% |
| Operating Profit (Rs cr) | ₹ 527 | ₹ 461 | 14.32% | ₹ 580 | -9.12% |
| Net Profit (Rs cr) | ₹ 283 | ₹ 254 | 11.28% | ₹ 304 | -6.95% |
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| Diluted EPS (Rs) | ₹ 5.56 | ₹ 5.00 |
| ₹ 5.98 |
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| OPM | 19.61% | 18.40% |
| 19.36% |
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| Net Margins | 10.52% | 10.15% |
| 10.15% |
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Overall revenues for the full year crossed Rs11,000 crore for the first time ever for Pidilite Industries. The growth in the March 2023 quarter was largely driven by domestic demand with lower input costs also helping the profit performance in the quarter. For the quarter and for the full year, the company maintained EBITDA margins in the range of 16% to 17%.
