Pidilite Q2 web revenue dips 10% to Rs 338 cr; gross sales up 14% to Rs 3,011 cr

Pidilite Industries

on Wednesday reported a decline of 10.06 per cent in consolidated web revenue at Rs 337.75 crore for the second quarter of FY23 on account of uncooked materials inflation and high-priced stock.

The corporate, which manufactures adhesives, sealants and building chemical compounds, had logged a revenue of Rs 375.53 crore within the July-September quarter a yr in the past.

Income from operations was up 14.65 per cent at Rs 3,011.15 crore in the course of the quarter below assessment as in opposition to Rs 2,626.35 crore within the year-ago interval, stated in a regulatory submitting.

“Margins continue to be impacted owing to raw material inflation, a weaker currency and high-priced inventory. Selective pricing action along with mix enrichment helped to maintain gross margins sequentially,” stated Pidilite in an earnings assertion.

Management in prices beneath gross margin enabled to keep up EBITDA margin on the similar stage as earlier quarters, it added.

Pidilite’s complete bills had been at Rs 2,586.60 crore, up 20.33 per cent.

Its income from the ‘shopper & bazaar’ phase was up 14.13 per cent at Rs 2,431.49 crore in July-September 2022 as in opposition to Rs 2,130.42 crore within the corresponding quarter a yr in the past.

Income from the business-to-business phase was at Rs 623.72 crore, up 17.15 per cent within the September quarter of FY23 as in opposition to Rs 532.38 crore a yr in the past.

managing director Bharat Puri stated: “This quarter saw input costs at an all-time high. Despite this, we were able to maintain our margins sequentially through calibrated pricing and effective cost management actions.”

“While demand conditions remained soft, with inflation impacting consumption, we remain cautiously optimistic on improving demand conditions, thanks to the good monsoon as well as increased construction activity,” he added.

Over the outlook, he stated softening of commodity value will sequentially enhance profitability.

“As an organisation, we continue to invest in our brands, supply chain, digital infrastructure, and distribution to deliver consistent volume-led profitable growth,” he added.

Shares of Pidilite Industries settled at Rs 2,650.40 apiece, up 0.66 per cent on the BSE.

(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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