Pidilite Industries advanced 2.26% to Rs 1533.60 after the adhesive manufacturer announced strong Q3 results.
On a consolidated basis, the adhesive manufacturer reported a 53.8% jump in net profit to Rs 341.78 crore in Q3 December 2019 as against Rs 222.29 crore reported in Q3 December 2018. Consolidated net sales inched up 4.3% year on year (YoY) to Rs 1926.59 crore.Profit before tax (PBT) for Q3 December 2019 (Q3 FY20) stood at Rs 454.53 crore, up by 37.5% against Rs 330.59 crore posted in Q3 December 2018 (Q3 FY19). Tax expenses declined 10.7% to Rs 105.69 crore in Q3FY20 from Rs 118.38 crore reported in Q3FY19.
EBITDA before non-operating income stood at Rs 464 crore, a growth of 36% over the same quarter last year. The company reported an exceptional item representing impairment loss on plant and machinery held for sale amounting to Rs 22 crore in current period and in value of investment amounting to Rs 6 crore in previous period.
On a standalone basis, net profit jumped 47% to Rs 330.39 crore in Q3 December 2019 over Q3 December 2018. Net sales stood at Rs 1,663.44 crore, rising by 4.64% over the same quarter last year.
Commenting on the Q3 performance, Bharat Puri, managing director, Pidilite Industries said, Amidst a challenging market environment Pidilite has delivered resilient performance. While top line growth remains subdued, earnings have improved substantially, primarily as a result of softer input cost. We remain focused on driving volume growth enabled by investments in brand building, growth categories, capabilities and sales and distribution"
Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (do-it-yourself) products and polymer emulsions in India.
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