Pidilite Industries Q2 Profit Up 17.8% to Rs 540.3 cr

New Delhi, Oct 23 (PTI) Pidilite Industries Ltd on Wednesday reported an increase of 17.83 per cent in consolidated net profit at Rs 540.30 crore for the second quarter ended September 30, 2024 helped by benign input prices and volume growth.

The company, which manufactures adhesives, sealants and construction chemicals, had logged a profit of Rs 458.53 crore in the July-September period a year ago, the company said in a regulatory filing.

Its revenue from operations was up 5.16 per cent at Rs 3,234.91 crore during the quarter under review. It was at Rs 3,076.04 crore in the corresponding quarter a year ago.

Pidilite Industries' total expenses was at Rs 2,565.71 crore, up 3.26 per cent in the September quarter.

Total income of Pidilite Industries, which includes other income, was up 5.93 per cent to Rs 3,292.03 crore.

The current quarter's revenue growth is aided by a UVG (Underlying Volume Growth) of 8 per cent, said Pidilite Industries in its earnings statement.

"Input prices remained benign, resulting in expansion of gross margin by 281 bps over the same quarter of the previous year. EBITDA Margins at 24.6 per cent is higher than Q2 FY24 by 143 bps," it said.

Demand for Consumer & Bazar (C&B) products was impacted by rains in the beginning of the quarter. "Consumer and Bazaar UVG is 6 per cent with rural markets continuing to outpace urban markets," it said.

Similarly, revenue from its B2B segment was up 14.34 per cent to Rs 703.58 crore.

Over the outlook, Managing Director Bharat Puri said: "We continue to remain optimistic for the second half as a result of a healthy monsoon, increased government spending and growing new construction activity."

However, it is also watchful of the geopolitical situation, and continues to significantly invest in growth-facing initiatives as well as building the supply chain of the future.

Shares of Pidilite Industries on Tuesday settled at Rs 3,091.40 on BSE, down 1.16 per cent.