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Pidilite Industries Announces Results for Financial Year

In Business
May 11, 2023

Pidilite Industries Limited, India’s leading manufacturer of adhesives,
sealants and construction chemicals today announced its financial results for the quarter and
year ended March 31, 2023.

Consolidated revenues for the year grew by 19% driven by strong volume growth, improved
mix and price increases. Growth was broad based across Consumer and Bazaar (`C&B’) and
Business to Business (1326′) segments with Domestic C&B reporting growth in excess of 20%.
In the current quarter, Domestic C&B business revenues grew by 10% underpinned by strong
volume growth of 7%. B2B businesses faced headwinds due to lower exports and lower
demand from businesses dependent on exports. The demand from rural and semi-urban
improved during the quarter.

The moderation in input costs led to improvement in Gross Margin, both sequentially and
over previous year. Part of the benefits of margin improvement were invested in market
facing initiatives for channel and consumer. Consolidated EBITDA grew by 14% and EBITDA
margin was 17% v/s 16% in the same period last year.

Amidst uncertain global economic conditions and inflationary pressures, International
Subsidiaries reported moderate sales growth along with improvement in EBITDA. Domestic
C&B subsidiaries continue to deliver industry leading profit and growth.