Pidilite Industries Q2 Results: Net Profit Up 10%
This quarter saw steadily improving demand conditions each month, said Managing Director Bharat Puri.
Pidilite Industries Ltd. reported a 9.66% increase in consolidated net profit at Rs 356.44 crore for the September quarter.
The company, a leading manufacturer of adhesives, sealants and construction chemicals, had posted a profit of Rs 325.04 crore in the July-September period a year ago.
Revenue from operations rose 4.08% at Rs 1,880.33 crore during the quarter under review, as against Rs 1,806.58 crore in the year-ago period, it said in a regulatory filing.
"Profit after tax at Rs 357 crore grew by 10% over the same quarter last year due to tax reversal in the prior year with reduction in corporate tax rate (on like to like basis profit grew by 34%)," Pidilite Industries said in a post-earnings statement.
Total expenses were at Rs 1,424.23 crore, as against Rs 1,486.85 crore earlier, down 4.21%.
"This quarter saw steadily improving demand conditions each month. Consumer and Bazaar businesses grew volumes aided by strong growth in the rural and semi-urban areas. B2B businesses as well as the metros, while improving sequentially have still to reach pre-Covid levels," Pidilite Industries Managing Director Bharat Puri said.
"Our profitability was aided by benign input costs as well as strong cost optimisation measures," he added.
Watch the interview with Pidilite Managing Director Bharat Puri: