 "Pidilite Industries")
Adhesive maker Pidilite Industries shares fell as much as 5.49 per cent on Wednesday after the company announced its quarter-ending march results (Q4FY24), missing street estimates..
Pidilite Industries’ profit rose 6.4 per cent year-on-year (Y-o-Y) to Rs 304.3 crore for the fourth quarter of financial year 2024 (Q4FY24), from Rs 285.9 crore in the same quarter previous fiscal (Q4FY23)
Pidilite Industries’ revenue from operations surged nearly 8 per cent to Rs 2,901.9 crore, as against Rs 2,689 crore in the same quarter a year ago.
The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda), also known as operating profit, rose 25.6 per cent to Rs 576.9 crore in the fourth quarter of this fiscal, as opposed to Rs 459 crore in the same quarter previous fiscal. Its margin, meanwhile, zoomed 280 basis points (bps) to 19.9 per cent in Q4FY24, from 17.1 per cent a year ago.
Pidilite Industries’ net sales for the year stood at Rs 12,337 crore while net sales for Q4FY24 stood at Rs 2,890 crore.
The board of directors have recommended a dividend of Rs 16 per equity share of Rs 1 each for FY24.
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The dividend will be paid to the shareholders within a period of 30 days, subject to the approval of the shareholders at the 55th Annual General Meeting, subject .
Furthermore, Pidilite Industries’ underlying volume growth (UVG) remained robust at 15 per cent against (10 per cent in the previous quarter (Q3FY24). Consumer & Bazaar (C&B) segment revenue grew 6 per cent annually to o Rs 2,250 crore.
On Q4FY24 performance, the company said that there may be short-term softness in the demand environment; however, the company remains optimistic about market demand in the medium term, with an overall increase in construction activities, government spending, and increasing prosperity.
Both urban and rural markets grew, with rural markets outpacing urban growth, the company added.
At 9:58 AM, Pidilite Industries shares were trading 4.60 per cent lower at Rs 2,815. By comparison, S&P BSE Sensex was trading 0.34 per cent lower at 73,259.84 levels.
