Pidilite Industries Q1 Profit Up 20.6% to Rs 571.27 Crore

New Delhi, Aug 7 (PTI) Pidilite Industries Ltd on Wednesday reported a 20.6 per cent increase in consolidated net profit to Rs 571.27 crore for the first quarter that ended on June 2024, helped by moderation in input prices.

The company had reported a profit of Rs 473.69 crore in the April-June period a year ago, according to a regulatory filing.

Revenue from operations was up 3.67 per cent at Rs 3,395.35 crore during the quarter under review compared to Rs 3,275.11 crore in the corresponding quarter a year ago, the company, which manufactures adhesives, sealants and construction chemicals said.

"Gross margins continued to expand year-on-year mainly on account of moderation in input prices and improved by 465 bps (basis points) over Q1 FY24. EBITDA margins at 24.6 per cent improved by 187 bps over Q1 FY24," said an earning statement of Pidilite Industries.

Total expenses of Pidilite Industries increased marginally in the June quarter to Rs 2,678.85 crore.

Despite challenging economic conditions because of election-related impact as well as severe heatwave conditions in most parts of the country, Pidilite delivered robust UVG (Underlying Volume Growth) as well as healthy profitability in this quarter, the company's Managing Director Bharat Puri said.

"Given a healthy monsoon and the ensuing festival season, we remain optimistic on market demand and our ability to deliver robust growths. We will continue to invest in growth-facing initiatives as well as building a resilient supply chain,” he added.

Shares of Pidilite Industries on Wednesday settled 3.27 per cent lower at Rs 3,153.80 per share on the BSE.