Pidilite Industries Q1 FY24 results: Profit rises 32% to Rs 474 crore;

B2B, exports, and global trade all nonetheless experienced weak demand circumstances. Our gross margins significantly increased as a result of operational improvements and moderating input prices.

Turnover on the counter was last seen at Rs 16.53 crore, commanding a market capitalisation (m-cap) of Rs 1,28,786.64 crore. — *Shares of Pidilite Industries are currently trading at 53.3 times the company’s FY25 EPS, according to Prabhudas Lilladher.*

On Thursday, Pidilite Industries Ltd. announced that its consolidated year-over-year (YoY) net profit for the first quarter of the fiscal year 2023–24 (Q1 FY24) increased by 32% to Rs. 474 crore. An increase of 6% over the same quarter previous year, net revenues came in at Rs 3,264 crore.

The high underlying volume growth of 8% that drove the current quarter’s standalone revenue growth (UVG: refers to volume growth taking into account the effects of changes in product mix) was the driving force behind it.

This growth was on top of previous year’s growth of 62%, demonstrating a strong two-year CAGR of 31%. Underlying volumes in the domestic consumer and bazaar segment increased by 12% in both urban and rural markets.

Margins for EBITDA also increased. Sales of international subsidiaries, with the exception of Pidilite USA Inc., were in line with the prior year, mostly as a result of unstable economic conditions, difficulties with currency devaluation in some countries, and local inflation pressures.