Pidilite Industries Q3 Profit Jumps 66% to Rs 510.9 Crore

New Delhi, Jan 23 (PTI) Pidilite Industries on Tuesday posted a 66 per cent jump in its consolidated net profit at Rs 510.92 crore in the December 2023 quarter.

The company's net profit stood at Rs 307.74 crore in the year-ago period, according to a regulatory filing.

Pidilite Industries manufactures adhesives, sealants and construction chemicals.

Its revenue from operations grew 4.41 per cent to Rs 3,130 crore during the quarter under review as against Rs 2,997.59 crore a year ago.

"The current quarter's revenue growth was aided by robust UVG (Underlying Volume Growth) of 10.4 per cent across categories and geographies," Pidilite said in its earnings statement.

In the December quarter, its total expenses fell 4.08 per cent to Rs 2,479.79 crore.

The company's total income rose 5.47 per cent to Rs 3,166.97 crore in the third quarter of FY23.

Its Consumer & Bazaar segment posted a rise of 4.5 per cent to Rs 2,541.27 crore as compared to Rs 2,421.57 crore in FY22.

Similarly, revenue from its B2B segment increased 6.23 per cent to Rs 6,373.2 crore.

"This growth was broad-based across Consumer and Bazaar (C&B) and Business-to-Business (B2B) segments with both segments reporting double-digit UVG," it said.

Continued moderation in input costs resulted in good improvements in gross margins, which enabled the company to invest behind its brands as well as other growth initiatives, its Managing Director Bharat Puri said.

"Our growth remained broad-based across categories and geographies," he said.

On the outlook, Puri said he continues to remain optimistic about market demand in the near term, with increased government spending and overall improvement in construction activities.

"We remain committed to delivering volume-led profitable growth via investment in our brands, supply chain, digital infrastructure, innovation and customer-facing initiatives," he said.

Shares of the company settled 5.76 per cent lower at Rs 2,522.75 apiece on the BSE.