India's Pidilite misses quarterly profit estimates on higher costs, tepid demand
HighlightsPidilite Industries reported a fourth-quarter consolidated net profit of 4.22 billion Indian rupees, a 40.5 percent increase, but below analysts' expectations of 4.41 billion rupees. The company's total revenue rose by 8.3 percent to 31.41 billion Indian rupees, falling short of analysts' estimates of 31.64 billion rupees, primarily due to a 15.9 percent rise in raw material costs driven by increased prices of Vinyl Acetate Monomer. The board of directors of Pidilite Industries has recommended a dividend of 20 Indian rupees per equity share for the financial year ending March 31, 2025.
India's
Pidilite Industries
on Thursday reported fourth-quarter profit below estimates, dragged by a rise in input costs for its adhesives and sealants and sluggish demand from the construction industry.
Prices of Vinyl Acetate Monomer (VAM), a key raw material for Pidilite, inched up 5 per cent during the quarter, contributing to a 15.9 per cent rise in overall raw material costs.
The company's total expenses rose 6.9 per cent during the quarter, which is typically its weakest.
Moreover, soaring summer temperatures hindered construction activity, reducing demand for Pidilite's adhesives, sealants and related products.
Pidilite, known for brands such as adhesive Fevicol and sealant Dr. Fixit, reported an 8.3 per cent increase in fourth-quarter revenue to 31.41 billion Indian rupees ($367.99 million), but this was below analysts' estimate of 31.64 billion rupees, according to data compiled by LSEG.
The company's consolidated net profit rose 40.5 per cent to 4.22 billion rupees for the three months ended March. 31. Analysts, on average, expected 4.41 billion rupees.
Revenue in the consumer and bazaar segment, which accounts for about 80 per cent of Pidilite's revenue, grew 6.7 per cent.
Pidilite's board of directors has recommended a dividend of 20 rupees per equity share for the financial year ending March 31, 2025.
Shares of the company closed 0.6 per cent lower ahead of the results.
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