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Pidilite Industries Ltd. Interim / Quarterly Report 2021
61002_rns_2021-11-11_c98c66bd-5bbf-41d2-8283-7ee4204227f3.pdf
Interim / Quarterly Report
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Nidilite
11th November, 2021
The Secretary BSE Ltd. Corporate Relationship Dept., 14th floor, P. J. Tower, Dalai Street, Fort Mumbai - 400 001 Stock Code — 500331
The Secretary National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Stock Code - PIDILITIND
Sub: Investor Update
Dear Sir,
Please find attached the Investor Update for the quarter and half year ended nrNth ou September, 2021 and a presentation.
Thanking You,
Yours faithfully, For Pidilite Industries Limited
Manisha Shetty Additional Company Secretary
Encl: a/a
Pidilite Industries Limited
Corporate Office Ramkrishna Mandir Road Andheri - E, Mumbai 400059, India
Regd. Office Regent Chambers, 7th Floor Jamnalal Bajaj Marg 208 Nariman Point Mumbai 400 021
T + 91 22 2835 7000 2835 7952 / 2835 7365 F +91 22 2830 4482 www.pidilite.com CIN124100MH1969PLC014336
Pidilite Industries Limited Investor Update
Quarter and half year ended September 2021
Coverage
- Financial Highlights
- Business segment wise results
- Overseas subsidiaries performance
- Domestic subsidiaries performance
- Financial Results
| Consolidated | Standalone | |||
|---|---|---|---|---|
| Particulars | Quarter | Half Year | Quarter | Half Year |
| Ended | Ended | Ended | Ended | |
| Sep'21 | Sep'21 | Sep'21 | Sep'21 | |
| Sales Growth |
40.7% | 66.3% | 35.8% | 59.9% |
| EBITDA Growth |
6.9% | 55.8% | 1.2% | 38.1% |
Investor Communication
This investor update covers the Company's performance for the quarter and half year ended 30th September 2021.
Financial Highlights
Contact information
Manisha Shetty, Additional Company Secretary E-mail: [email protected] Telephone : 022-2835 7949
Mumbai, November 10, 2021:
This quarter recorded very strong sales volume and value growth. The business witnessed much improved consumer demand environment due to accelerated vaccinations, reduced COVID infections and increased mobility.
Growth was broad based across Consumer and Bazaar ('C&B') and Business to Business ('B2B') segments as well as Urban and Rural geographies. C&B reported growth across all categories such as adhesives, construction chemicals and DIY portfolio. B2B growth led by continued momentum in industrial activities.
Gross Margins have contracted on account of sharp escalation and volatility in input costs. Calibrated pricing actions and a focus on costs and operational efficiencies have led us to have maintained EBITDA margins in our historic range.
Financial Highlights
July - September 2021
Consolidated Performance as compared to the same quarter last year:
- Net sales grew by 40.7% (Excluding PAPL: 33.4%). $\bullet$
- Material cost as a % to net sales is higher by 1,027 Bps vs same quarter last year and 375 Bps vs sequential quarter.
- EBITDA before non-operating income grew by 6.9% (Excluding PAPL: declined by 2.3%).
- Profit before tax and Exceptional Items (PBT) grew by 2.7% (Excluding PAPL: declined by 7.0%).
- Profit after tax (PAT) grew by 5.3% (Excluding PAPL: declined by 4.4%).
Standalone Performance as compared to the same quarter last year:
- Net sales grew by 35.8%, with underlying sales volume & mix growth of 24.5%. This was driven by growth $\bullet$ of 25.4% in sales volume & mix of C&B and 20.4% in sales volume & mix of B2B.
- Material cost as a % to net sales is higher by 1,102 Bps over same quarter last year and 372 Bps vs sequential quarter.
- EBITDA before non-operating income grew by 1.2%.
- Profit before tax and Exceptional Items (PBT) declined by 2.9%.
- Profit after tax (PAT) grew by 0.2%.
April - September 2021
Consolidated Performance as compared to the previous corresponding half year:
- Net sales grew by 66.3% (Excluding PAPL: 58.7%). $\bullet$
- Material cost as a % to net sales is higher by 799 Bps.
- EBITDA before non-operating income grew by 55.8% (Excluding PAPL: 43.9%).
- Profit before tax and Exceptional Items (PBT) grew by 53.1% (Excluding PAPL: 39.7%).
- Profit after tax (PAT) grew by 59.3% (Excluding PAPL: 45.6%).
Standalone Performance as compared to the previous corresponding half year:
- Net sales grew by 59.9%, with underlying sales volume & mix growth of 49.2%. This was driven by growth $\bullet$ of 49.0% in sales volume & mix of C&B and 50.2% in sales volume & mix of B2B.
- Material cost as a % to net sales is higher by 880 Bps.
- EBITDA before non-operating income grew by 38.1%
- Profit before tax and Exceptional Items (PBT) grew by 49.8% (excluding dividend from subsidiary: 31.7%).
- Profit after tax (PAT) grew by 58.8% (excluding dividend from subsidiary: 28.3%).
The Company acquired 100% stake in Pidilite Adhesives Pvt Ltd (PAPL) [Formerly known as Huntsman Advanced Materials Solutions Private Limited (HAMSPL)] on 3rd November 2020.
Business Segment Wise Performance – Standalone (On a comparable basis)
| Business Segment Wise Performance – Standalone |
(On a comparable basis) | ||||||
|---|---|---|---|---|---|---|---|
| Rs Crores | |||||||
| Sr. | PARTICULARS | Quarter Ended | Half Year Ended | ||||
| No | Sep'21 | Sep'20 | Growth | Sep'21 | Sep'20 | Growth | |
| 1 | Segment Sales | ||||||
| a) Consumer & Bazaar Products (C&B) | 1,794.8 | 1,328.2 | 35.1% | 3,041.2 | 1,940.2 | 56.7% | |
| b) Business to Business (B2B) | 433.8 | 311.8 | 39.1% | 826.7 | 477.9 | 73.0% | |
| c) Others | 14.5 | 7.1 | 103.6% | 24.5 | 9.0 | 173.2% | |
| Total | 2,243.1 | 1,647.1 | 36.2% | 3,892.4 | 2,427.1 | 60.4% | |
| Less : Inter Segment Sales | 43.2 | 27.1 | 59.3% | 75.5 | 39.4 | 91.5% | |
| LI | Net Sales | 2,199.9 | 1,620.0 | 35.8% | 3,816.9 | 2,387.7 | 59.9% |
| 2 | Segment Results | ||||||
| a) Consumer & Bazaar Products (C&B) | 514.3 | 491.1 | 4.7% | 843.7 | 638.1 | 32.2% | |
| b) Business to Business (B2B) | 42.6 | 43.8 | -2.7% | 96.7 | 49.4 | 96.0% | |
| c) Others | -0.8 | 0.8 | -201.3% | -0.1 | -2.7 | 93.4% | |
| Total Segment Results | 556.1 | 535.7 | 3.8% | 940.3 | 684.8 | 37.3% | |
| 8.7 | 3.0 77.3 |
186.4% 36.1% |
14.9 128.2 |
6.4 146.0 |
133.9% -12.2% |
||
| Less : i ) Finance Costs | |||||||
| ii) Other unallocable expenditure net of | 105.0 | ||||||
| Unallocable income | |||||||
| LI | Profit before tax (Before exceptional items) | 442.4 | 455.4 | -2.9% | 797.2 | 532.4 | 49.8% |
| Less:- Exceptional Items Profit before tax |
- 442.4 |
0.5 455.0 |
-2.8% | - 797.2 |
0.5 531.9 |
49.9% |
July - September 2021
- Net sales of Consumer and Bazaar segment grew by 35.1%. PBIT of C&B segment grew by 4.7%.
- Net sales of B2B segment grew by 39.1%. PBIT of B2B segment declined by 2.7%.
April - September 2021
- Net sales of Consumer and Bazaar segment grew by 56.7%. PBIT of C&B segment grew by 32.2%.
- Net sales of B2B segment grew by 73.0%. PBIT of B2B segment grew by 96.0%.
Overseas subsidiaries performance
- The Company has 20 overseas subsidiaries (6 direct and 14 step-down) and one joint venture, including those having manufacturing and selling operations in USA, Brazil, Thailand, Dubai, Egypt, Sri Lanka, Bangladesh and Kenya.
- Modest revenue growth in Asia on the back of lockdown restrictions in many countries, margins impacted on account of input cost inflation. Americas decline on a higher previous year base. During the previous year, sales were higher on account of pent-up demand as well as benefits passed by the Governments to consumers during Covid.
- The performance of the following geographies in constant currency terms is detailed below. These are like for like actual reported numbers excluding translations and other consolidation impacts.
| Rs Crores | ||||||
|---|---|---|---|---|---|---|
| Sales | Quarter ended | Half year ended | ||||
| Sept'21 | Sept'20 | Growth | Sept'21 | Sept'20 | Growth | |
| Asia | 62.8 | 54.9 | 14.4% | 130.3 | 84.1 | 55.0% |
| Middle East and Africa | 50.8 | 38.0 | 33.6% | 98.8 | 64.1 | 54.0% |
| Americas | 64.7 | 80.7 | -19.8% | 116.4 | 118.3 | -1.7% |
| Total | 178.3 | 173.6 | 2.7% | 345.5 | 266.5 | 29.6% Rs Crores |
| Half year ended | ||||||
| EBITDA | Quarter ended | |||||
| Sept'21 | Sept'20 | Growth | Sept'21 | Sept'20 | Growth | |
| Asia Middle East and Africa |
8.6 -0.1 |
8.4 -1.3 |
2.3% 95.3% |
21.5 -0.7 |
9.8 -4.2 |
119.6% 83.4% |
| Americas# | 6.0 | 29.1 | -79.3% | 11.3 | 30.6 | -63.1% |
| Total# | 14.5 | 36.2 | -59.7% | 32.1 | 36.2 | -11.3% |
| # Including tax gain of Rs 9.5 Cr pertaining to earlier years in PY. | ||||||
| Domestic subsidiaries performance |
Domestic subsidiaries performance
- The Company has 15 domestic subsidiaries, 2 associates and 1 partnership firm.
- Domestic subsidiaries in C&B business returned to double digit growth led by higher sales in premium products. Subsidiaries in B2B business have improved sequentially on account of recovery in real estate and construction related activities, however margin recovery will take long due to unabated commodity inflation.
- The performance of major subsidiaries is detailed below. These are like for like actual reported numbers excluding consolidation impacts.
| # Including tax gain of Rs 9.5 Cr pertaining to earlier years in PY. Domestic subsidiaries performance The Company has 15 domestic subsidiaries, 2 associates and 1 partnership firm. Domestic subsidiaries in C&B business returned to double digit growth led by higher sales in premium products. Subsidiaries in B2B business have improved sequentially on account of recovery in real estate and construction related activities, however margin recovery will take long due to unabated commodity |
||||||
|---|---|---|---|---|---|---|
| inflation. The performance of major subsidiaries is detailed below. These are like for like actual reported numbers |
||||||
| Rs Crores | ||||||
| Quarter Ended | Half Year Ended | |||||
| excluding consolidation impacts. Sales |
Sep'21 | Sep'20 | Growth | Sep'21 | Sep'20 | Growth |
| Nina Percept Pvt Ltd | 54.3 | 35.9 | 51.3% | 111.8 | 43.4 | 157.8% |
| ICA Pidilite Pvt Ltd | 73.7 | 46.4 | 58.9% | 113.7 | 58.1 | 95.6% |
| Cipy Polyurethane Pvt Ltd | 29.8 | 18.8 | 58.7% | 55.0 | 26.4 | 108.3% |
| Others | 12.1 | 21.8 | -44.6% | 19.3 | 24.6 | -21.3% |
| Total (excl. PAPL) | 169.9 | 122.9 | 38.2% | 299.8 | 152.5 | 96.7% |
| Pidilite Adhesives Pvt Ltd | 135.5 | - | -na- | 207.3 | - | -na |
Rs Crores
| Quarter Ended | Half Year Ended | |||||
|---|---|---|---|---|---|---|
| EBITDA | Sep'21 | Sep'20 | Growth | Sep'21 | Sep'20 | Growth |
| Nina Percept Pvt Ltd | $-9.6$ | $-6.5$ | $-47.7%$ | $-17.1$ | $-21.7$ | 21.0% |
| ICA Pidilite Pvt Ltd | 14.0 | 11.2 | 24.2% | 18.7 | 5.4 | 244.6% |
| Cipy Polyurethane Pvt Ltd | 2.6 | $-0.8$ | 429.9% | 4.9 | $-6.9$ | 170.3% |
| Others | 1.4 | 3.2 | $-55.5%$ | 1.2 | $-0.5$ | 339.6% |
| Total (excl. PAPL) | 8.4 | 7.1 | 17.6% | 7.7 | $-23.7$ | 132.5% |
| Pidilite Adhesives Pvt Ltd | 47.3 | -na- | 69.6 | -na- | ||
| Total | 55.7 | 7.1 | 682.4% | 77.3 | $-23.7$ | 426.8% |
PIDILITE INDUSTRIES LIMITED
Tel No. 91 22 2835 7000 Fax : 91 22 2835 6007 REGD. OFFICE : 7th Floor, Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai - 400 021 Email address : [email protected] Website : www.pidilite.com CIN : L24100MH1969PLC014336
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2021
| Rs Crores | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | No. Particulars | For the Quarter ended | For the Six Months ended | For the Year ended | |||
| 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31.03.2021 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 | Total Income | ||||||
| a) Revenue from Operations | 2213.40 | 1626.06 | 1630.23 | 3839.46 | 2402.62 | 6216.33 | |
| b) Other Income | 16.40 | 102.04 | 22.51 | 118.44 | 42.17 | 73.49 | |
| Total Income | 2229.80 | 1728.10 | 1652.74 | 3957.90 | 2444.79 | 6289.82 | |
| 2 Expenses | |||||||
| a) Cost of materials consumed | 1051.31 | 755.90 | 620.85 | 1807.21 | 825.00 | 2469.53 | |
| b) Purchases of stock-in-trade | 150.75 | 116.97 | 116.34 | 267.72 | 145.25 | 453.99 | |
| c) Changes in inventories of finished goods, work-in-progress | |||||||
| and stock-in-trade | 3.16 | (47.23) | (28.24) | (44.07) | 90.09 | (89.77) | |
| d) Employee benefits expense | 223.03 | 229.34 | 195.35 | 452.37 | 367.06 | 787.75 | |
| e) Finance costs | 8.65 | 6.25 | 3.02 | 14.90 | 6.37 | 16.99 | |
| f) Depreciation, amortisation and impairment expense | 44.34 | 40.45 | 35.93 | 84.79 | 70.72 | 147.10 | |
| g) Other expenses | 306.16 | 271.59 | 254.07 | 577.75 | 407.95 | 1047.15 | |
| Total Expenses | 1787.40 | 1373.27 | 1197.32 | 3160.67 | 1912.44 | 4832.74 | |
| 3 | Profit before exceptional items and tax (1-2) | 442.40 | 354.83 | 455.42 | 797.23 | 532.35 | 1457.08 |
| 4 Exceptional items | - | - | 0.45 | - | 0.45 | 0.45 | |
| 5 | Profit before tax (3-4) | 442.40 | 354.83 | 454.97 | 797.23 | 531.90 | 1456.63 |
| 6 | Tax Expense | ||||||
| Current tax | 110.86 | 69.14 | 115.00 | 180.00 | 136.00 | 375.05 | |
| Deferred tax | (7.87) | (2.84) | 1.19 | (10.71) | 0.40 | 0.12 | |
| 7 | Profit for the period (5-6) | 339.41 | 288.53 | 338.78 | 627.94 | 395.50 | 1081.46 |
| 8 | Other Comprehensive Income | ||||||
| Items that will not be reclassified to profit or loss | (3.17) | (1.66) | 6.21 | (4.83) | 2.49 | (0.95) | |
| Income tax relating to items that will not be reclassified to profit or loss | 0.80 | 0.42 | (1.57) | 1.22 | (0.63) | 0.24 | |
| 9 | Total Comprehensive Income for the period (7+8) | 337.04 | 287.29 | 343.42 | 624.33 | 397.36 | 1080.75 |
| 10 | Paid-up Equity Share Capital (Face value of share : Re. 1/-) | 50.82 | 50.82 | 50.81 | 50.82 | 50.81 | 50.82 |
| 11 | Other Equity | 5510.40 | |||||
| 12 | Earnings per equity share in Rs. | ||||||
| a) Basic | @ 6.68 |
@ 5.68 |
@ 6.67 |
@ 12.36 |
@ 7.78 |
21.28 | |
| b) Diluted | @ 6.67 |
@ 5.67 |
@ 6.66 |
@ 12.34 |
@ 7.78 |
21.27 |
@ For the period only and not annualised.
See accompanying Notes to Financial Results
STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2021
| Rs Crores | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Particulars | For the Quarter ended | For the Six Months ended | For the Year ended | |||
| No. | 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31.03.2021 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 Segment Revenue | |||||||
| a) Consumer & Bazaar Products | 1802.62 | 1252.24 | 1335.21 | 3054.86 | 1949.66 | 4998.16 | |
| b) Business to Business | 439.43 | 396.13 | 315.04 | 835.56 | 483.37 | 1282.73 | |
| c) Others | 14.58 | 9.89 | 7.15 | 24.47 | 8.96 | 38.53 | |
| Total | 2256.63 | 1658.26 | 1657.40 | 3914.89 | 2441.99 | 6319.42 | |
| Less : Inter Segment Revenue | 43.23 | 32.20 | 27.17 | 75.43 | 39.37 | 103.09 | |
| Revenue from Operations | 2213.40 | 1626.06 | 1630.23 | 3839.46 | 2402.62 | 6216.33 | |
| 2 Segment Results | |||||||
| a) Consumer & Bazaar Products | 514.27 | 329.46 | 491.07 | 843.73 | 638.11 | 1658.63 | |
| b) Business to Business | 42.64 | 54.09 | 43.83 | 96.73 | 49.36 | 167.58 | |
| c) Others | (0.78) | 0.60 | 0.77 | (0.18) | (2.73) | (1.84) | |
| Total | 556.13 | 384.15 | 535.67 | 940.28 | 684.74 | 1824.37 | |
| Less : i) Finance Costs | 8.65 | 6.25 | 3.02 | 14.90 | 6.37 | 16.99 | |
| ii) Other Unallocable Expenditure net of | |||||||
| Unallocable Income | 105.08 | 23.07 | 77.23 | 128.15 | 146.02 | 350.30 | |
| Total Profit Before Exceptional Item and Tax | 442.40 | 354.83 | 455.42 | 797.23 | 532.35 | 1457.08 | |
| Exceptional Items | - | - | 0.45 | - | 0.45 | 0.45 | |
| Total Profit Before Tax | 442.40 | 354.83 | 454.97 | 797.23 | 531.90 | 1456.63 | |
| 3 Segment Assets | |||||||
| a) Consumer & Bazaar Products | 2948.90 | 3047.70 | 2293.01 | 2948.90 | 2293.01 | 2724.66 | |
| b) Business to Business | 1148.14 | 1066.49 | 795.96 | 1148.14 | 795.96 | 979.15 | |
| c) Others | 13.55 | 27.06 | 5.44 | 13.55 | 5.44 | 20.53 | |
| d) Unallocated | 3804.28 | 3842.41 | 3201.59 | 3804.28 | 3201.59 | 3899.07 | |
| Total Segment Assets | 7914.87 | 7983.66 | 6296.00 | 7914.87 | 6296.00 | 7623.41 | |
| 4 Segment Liabilities | |||||||
| a) Consumer & Bazaar Products | 1145.32 | 974.23 | 943.63 | 1145.32 | 943.63 | 1208.22 | |
| b) Business to Business | 371.69 | 381.72 | 276.65 | 371.69 | 276.65 | 395.70 | |
| c) Others | 2.50 | 1.78 | 1.82 | 2.50 | 1.82 | 1.74 | |
| d) Unallocated | 625.50 | 769.12 | 208.00 | 625.50 | 208.00 | 456.53 | |
| Total Segment Liabilities | 2145.01 | 2126.85 | 1430.10 | 2145.01 | 1430.10 | 2062.19 |
C&B segment covers sale of products mainly to end consumers which are retail users such as carpenters, painters, plumbers, mechanics, households, students, offices, etc. Sale consists of mainly Adhesives, Sealants, Art and craft Materials and Construction and paint Chemicals. B2B covers sale of products to end customers which are mainly large business users. This includes Industrial Products (IP) such as adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects), surfactants, etc. Others mainly includes sale of raw materials.
Unallocated Segment Assets as at 30th September 2021 include the following:-
a) Investments in units of mutual funds/alternate investment funds, bonds, preference shares, term deposits with banks, etc Rs. 199.34 Crores (30th June 2021 Rs. 209.24 Crores, 30th September 2020 Rs. 1890.25 Crores).
---3--- STANDALONE UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2021
| As at As at Sr Particulars 30.09.2021 31.03.2021 No Unaudited Audited A ASSETS 1 Non Current Assets (a) Property, Plant and Equipment 1180.34 1023.38 (b) Right of Use Assets 156.44 118.67 (c) Capital Work-In-Progress 219.03 281.50 (d) Goodwill 86.34 86.34 (e) Other Intangible Assets 191.98 194.17 (f) Financial Assets (i) Investments 3284.29 3312.26 (ii) Loans 4.81 4.82 (iii) Other Financial Assets 16.00 15.15 (g) Income Tax Assets (net) 86.98 86.98 (h) Other Non-Current Assets 56.06 79.37 Total Non Current Assets 5282.27 5202.64 2 Current Assets (a) Inventories 1130.44 975.94 (b) Financial Assets (i) Investments 144.53 169.35 (ii) Trade Receivables 1110.99 999.09 (iii) Cash and Cash equivalents 102.86 109.81 (iv) Bank balances other than (iii) above 2.78 2.56 (v) Loans 18.70 16.25 (vi) Other Financial Assets 7.00 7.34 (c) Other Current Assets 115.30 140.43 Total Current Assets 2632.60 2420.77 TOTAL ASSETS 7914.87 7623.41 B EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital 50.82 50.82 (b) Other Equity 5719.04 5510.40 Total Equity 5769.86 5561.22 LIABILITIES 1 Non-Current Liabilities (a) Financial Liabilities (i) Lease Liabilities 63.41 48.79 (ii) Other Financial Liabilities 15.31 13.63 (b) Provisions 51.06 45.02 (c) Deferred Tax Liabilities (net) 63.93 75.86 Total Non-Current Liabilities 193.71 183.30 2 Current Liabilities (a) Financial Liabilities (i) Borrowings 465.00 55.00 (ii) Trade Payables - Total Outstanding Dues of Micro Enterprises and Small Enterprises 52.93 67.04 - Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises 658.41 726.78 (iii) Lease Liabilities 22.47 18.54 (iv) Other Financial Liabilities 623.66 900.44 (b) Other Current Liabilities 74.80 72.66 (c) Provisions 17.61 16.48 (d) Current Tax Liabilities (net) 36.42 21.95 Total Current Liabilities 1951.30 1878.89 Total Liabilities 2145.01 2062.19 TOTAL EQUITY AND LIABILITIES 7914.87 7623.41 |
Rs Crores | |
|---|---|---|
---4--- STANDALONE UNAUDITED STATEMENT OF CASH FLOWS FOR SIX MONTHS ENDED 30.09.2021
| Rs Crores | ||
|---|---|---|
| For the Six Months ended | ||
| Particulars | 30.09.2021 | 30.09.2020 |
| A] Cash Flows from Operating Activities | Unaudited | Unaudited |
| Profit before tax | 797.23 | 531.90 |
| Adjustments for: | ||
| Finance costs recognised in Statement of Profit and Loss | 14.90 | 6.37 |
| Interest income recognised in Statement of Profit and Loss | (0.27) | (4.91) |
| Dividend income recognised in Statement of Profit and Loss | (98.99) | (1.65) |
| Loss on disposal of Property, Plant and Equipment | 5.47 | 0.06 |
| Net gain arising on financial assets designated at FVTPL | (5.66) | (29.45) |
| Allowance for Doubtful Debts Exceptional Item - Impairment in value of Assets and Investments |
2.24 - |
4.55 0.45 |
| Depreciation, Amortisation and Impairment Expense | 84.79 | 70.72 |
| Unrealised foreign exchange loss/ gain (net) | 1.03 | (0.75) |
| Provision for Employee Benefits | 2.34 | 6.05 |
| Expense recognised in respect of Equity-Settled Share-Based Payments | 16.23 | 3.82 |
| Operating profits before Working Capital changes | 819.31 | 587.16 |
| Movements in Working Capital: | ||
| (Increase)/Decrease in Operating Assets | ||
| Trade Receivables | (114.74) | (65.89) |
| Inventories | (154.50) | 142.11 |
| Non-Current Loans | 0.01 | (0.04) |
| Current Loans | (2.45) | 2.33 |
| Other Non-Current Financial Assets | (0.85) | (0.61) |
| Other Current Financial Assets | 0.34 | 0.08 |
| Other Non-Current Non Financial Assets Other Current Non Financial Assets |
(2.44) 25.13 |
(2.93) (13.14) |
| Increase/(Decrease) in Operating Liabilities | ||
| Trade Payables | (81.35) | (16.26) |
| Other Current Financial Liabilities | (47.14) | 40.97 |
| Other Non-Current Financial Liabilities | 1.68 | (0.40) |
| Other Current Non Financial Liabilities | 2.14 | 13.28 |
| Cash generated from Operations | 445.14 | 686.66 |
| Taxes paid (net of refunds) | (165.53) | (86.65) |
| Net Cash generated from Operating Activities [A] | 279.61 | 600.01 |
| B] Cash Flows from Investing Activities | ||
| Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & Capital Work-In | (164.01) | (114.38) |
| Progress | ||
| Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets | 0.22 | 0.16 |
| Net Cash outflow on acquisition / Investment in Subsidiaries | (313.65) | (89.64) |
| Payments to purchase Investments | (29.74) | (2018.48) |
| Proceeds on sale of Investments | 170.23 | 1185.46 |
| Decrease in Bank Deposits | - | 1.39 |
| (Increase) / Decrease in Other Bank Balances | (0.22) | 0.09 |
| Interest received Dividend received |
0.27 98.99 |
4.91 1.65 |
| Net cash used in Investing Activities [B] | (237.91) | (1028.84) |
| C] Cash Flows from Financing Activities | ||
| Net increase in Current Borrowings Payment of Lease Liabilities |
410.00 (14.98) |
- (13.35) |
| Dividends paid on Equity Shares (including tax thereon) | (431.71) | (0.09) |
| Interest paid | (11.94) | (4.00) |
| Net cash used in Financing Activities [C] | (48.63) | (17.44) |
| Net decrease in Cash and Cash Equivalents [A+B+C] | (6.93) | (446.27) |
| Cash and Cash Equivalents at the beginning of the period | 109.81 | 564.17 |
| Bank unrealised loss/gain | (0.05) | 0.18 |
| Cash and Cash Equivalents at the beginning of the period | 109.76 | 564.35 |
| Cash and Cash Equivalents at the end of the period | 102.86 | 118.17 |
| Bank unrealised loss | (0.03) | (0.09) |
| Cash and Cash Equivalents at the end of the period | 102.83 | 118.08 |
| Net decrease in Cash and Cash Equivalents | (6.93) | (446.27) |
Notes:
The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (IND AS 7) - Statement of Cash Flows.
Notes to the Standalone Unaudited Financial Results:
-
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 10th November 2021.
-
- The Statutory auditors have carried out a " Limited Review" of the above financial results for the quarter and six months ended 30th September 2021 and have issued an unmodified opinion.
-
- The financial results of the Company have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013 ('Act') read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
-
- Exceptional items represents diminution / impairment in value of investment in a subsidiary of Rs.0.45 Crores for year ended 31st March 2021.
-
- Other Income includes dividend received from a subsidiary amounting to Rs.96.20 Crores for quarter ended 30th June 2021 and six month ended 30th September 2021.
-
- The Company has taken into account external and internal information for assessing possible impact of COVID -19 on various element of its financial results, including recoverability of its assets.
-
- As approved by the Members of the Company at the Annual General Meeting held on August 11, 2021, the Company has paid a final dividend of Rs 8.5 per equity share of the face value of Re. 1 each aggregating Rs. 431.93 Crores.
-
- The Company granted options of 50,000 equity shares on 9th October 2021 and 56,250 equity shares on 9th November 2021 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company.
-
- During the quarter, the Company has filed two merger applications with National Company Law Tribunal (NCLT) with respect to merger of its wholly owned subsidiaries namely Pidilite Adhesives Pvt. Ltd. and Cipy Polyurethanes Pvt. Ltd, Appointed date being 1st April 2022. The said merger applications have been heard by NCLT on 1st November 2021. NCLT order on the merger applications is awaited.
-
- Previous periods' figures are regrouped to make them comparable with those of current period, wherever applicable.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Mumbai BHARAT PURI Dated : 10th November 2021 Managing Director
DIN: 02173566
PIDILITE INDUSTRIES LIMITED REGD. OFFICE : 7th Floor, Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai - 400 021 Tel No. 91 22 2835 7000 Fax : 91 22 2835 6007 Email address : [email protected] Website : www.pidilite.com CIN : L24100MH1969PLC014336
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2021
| Rs Crores | |||||||
|---|---|---|---|---|---|---|---|
| Sr. No. |
Particulars | For the Quarter ended | For the Six Months ended | For the Year ended |
|||
| 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31.03.2021 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 | Total Income | ||||||
| a) Revenue from Operations | 2626.35 | 1936.79 | 1880.33 | 4563.14 | 2758.17 | 7292.71 | |
| b) Other Income | 13.90 | 6.12 | 21.69 | 20.02 | 41.69 | 79.40 | |
| Total Income | 2640.25 | 1942.91 | 1902.02 | 4583.16 | 2799.86 | 7372.11 | |
| 2 Expenses | |||||||
| a) Cost of materials consumed | 1277.62 | 911.18 | 740.56 | 2188.80 | 982.71 | 3017.82 | |
| b) Purchases of stock-in-trade | 136.94 | 139.50 | 107.88 | 276.44 | 150.15 | 477.17 | |
| c) Changes in inventories of finished goods, work-in-progress | 19.38 | (64.97) | (20.07) | (45.59) | 103.99 | (118.32) | |
| and stock-in-trade | |||||||
| d) Employee benefits expense | 273.13 | 280.60 | 242.14 | 553.73 | 457.84 | 980.86 | |
| e) Finance costs | 12.36 | 9.62 | 8.65 | 21.98 | 17.72 | 37.23 | |
| f) Depreciation, amortisation and impairment expense | 60.33 | 56.63 | 47.89 | 116.96 | 93.99 | 200.66 | |
| g) Other expenses | 369.69 | 322.89 | 297.18 | 692.58 | 484.47 | 1254.56 | |
| Total Expenses | 2149.45 | 1655.45 | 1424.23 | 3804.90 | 2290.87 | 5849.98 | |
| 3 | Profit before Exceptional Items, Share of profit of Associate and Joint | ||||||
| venture and Tax (1-2) | 490.80 | 287.46 | 477.79 | 778.26 | 508.99 | 1522.13 | |
| 4 Share of profit of associates (net of tax) | 0.65 | 2.28 | 0.61 | 2.93 | 1.08 | 3.98 | |
| 5 Share of profit of joint venture (net of tax) | - | - | - | - | - | - | |
| 6 | Profit before Exceptional Items and Tax (3+4+5) | 491.45 | 289.74 | 478.40 | 781.19 | 510.07 | 1526.11 |
| 7 Exceptional items | - | - | - | - | - | 3.62 | |
| 8 | Profit before tax (6-7) | 491.45 | 289.74 | 478.40 | 781.19 | 510.07 | 1522.49 |
| 9 | Tax Expense | ||||||
| Current tax | 123.34 | 76.87 | 119.88 | 200.21 | 141.59 | 399.88 | |
| Deferred tax | (7.42) | (4.77) | 2.08 | (12.19) | (3.78) | (3.52) | |
| 10 | Profit for the period (8-9) | 375.53 | 217.64 | 356.44 | 593.17 | 372.26 | 1126.13 |
| Attributable to: | |||||||
| Shareholders of the Company | 374.65 | 220.07 | 356.42 | 594.72 | 383.20 | 1131.21 | |
| Non Controlling Interest | 0.88 | (2.43) | 0.02 | (1.55) | (10.94) | (5.08) | |
| 11 | Other Comprehensive Income | ||||||
| Items that will not be reclassified to profit or loss | (3.16) | (1.62) | 6.25 | (4.78) | 2.58 | (0.99) | |
| Income tax relating to items that will not be reclassified to profit or loss | 0.78 | 0.41 | (1.58) | 1.19 | (0.66) | 0.28 | |
| Items that will be reclassified to profit or loss | (4.88) | 6.76 | (8.45) | 1.88 | (8.21) | (10.15) | |
| Total Other Comprehensive Income | (7.26) | 5.55 | (3.78) | (1.71) | (6.29) | (10.86) | |
| Attributable to: | |||||||
| Shareholders of the Company | (7.16) | 5.66 | (3.71) | (1.50) | (6.37) | (11.22) | |
| Non Controlling Interest | (0.10) | (0.11) | (0.07) | (0.21) | 0.08 | 0.36 | |
| 12 | Total Comprehensive Income for the period (10+11) | 368.27 | 223.19 | 352.66 | 591.46 | 365.97 | 1115.27 |
| Attributable to: | |||||||
| Shareholders of the Company | 367.49 | 225.73 | 352.71 | 593.22 | 376.83 | 1119.99 | |
| Non Controlling Interest | 0.78 | (2.54) | (0.05) | (1.76) | (10.86) | (4.72) | |
| 13 | Paid-up Equity Share Capital (Face value of share : Re. 1/-) | 50.82 | 50.82 | 50.81 | 50.82 | 50.81 | 50.82 |
| 14 | Other Equity | 5542.14 | |||||
| 15 | Earnings per equity share in Rs. | ||||||
| a) Basic | @ 7.37 |
@ 4.33 |
@ 7.01 |
@ 11.70 |
@ 7.54 |
22.26 | |
| b) Diluted | @ 7.37 |
@ 4.33 |
@ 7.01 |
@ 11.69 |
@ 7.53 |
22.24 |
@ For the period only and not annualised.
See accompanying Notes to Financial Results
CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2021
| Rs Crores | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Particulars | For the Quarter ended | For the Six Months ended | For the Year ended |
|||
| No. | 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31.03.2021 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 | Segment Revenue | ||||||
| a) Consumer & Bazaar | 2130.42 | 1486.24 | 1527.71 | 3616.66 | 2229.73 | 5808.88 | |
| b) Business to Business | 532.38 | 482.02 | 377.08 | 1014.40 | 565.31 | 1575.40 | |
| c) Others | 14.58 | 9.89 | 7.15 | 24.47 | 8.96 | 38.53 | |
| Total | 2677.38 | 1978.15 | 1911.94 | 4655.53 | 2804.00 | 7422.81 | |
| Less : Inter Segment Revenue | 51.03 | 41.36 | 31.61 | 92.39 | 45.83 | 130.10 | |
| Revenue from Operations | 2626.35 | 1936.79 | 1880.33 | 4563.14 | 2758.17 | 7292.71 | |
| 2 | Segment Results | ||||||
| a) Consumer & Bazaar | 582.68 | 370.44 | 532.35 | 953.12 | 664.37 | 1773.63 | |
| b) Business to Business | 26.28 | 42.01 | 29.00 | 68.29 | 6.34 | 118.13 | |
| c) Others | (0.78) | 0.60 | 0.77 | (0.18) | (2.73) | (1.84) | |
| Total | 608.18 | 413.05 | 562.12 | 1021.23 | 667.98 | 1889.92 | |
| Less : i) Finance Costs | 12.36 | 9.62 | 8.65 | 21.98 | 17.72 | 37.23 | |
| ii) Other Unallocable Expenditure net of | |||||||
| Unallocable Income | 105.02 | 115.97 | 75.68 | 220.99 | 141.27 | 330.56 | |
| Add: Share of profit of associates/joint venture | 0.65 | 2.28 | 0.61 | 2.93 | 1.08 | 3.98 | |
| Total Profit Before Exceptional Item and Tax | 491.45 | 289.74 | 478.40 | 781.19 | 510.07 | 1526.11 | |
| Exceptional Items | - | - | - | - | - | 3.62 | |
| Profit before tax | 491.45 | 289.74 | 478.40 | 781.19 | 510.07 | 1522.49 | |
| 3 | Segment Assets | ||||||
| a) Consumer & Bazaar | 6563.00 | 6596.68 | 3203.39 | 6563.00 | 3203.39 | 6353.49 | |
| b) Business to Business | 1699.13 | 1633.37 | 1321.11 | 1699.13 | 1321.11 | 1565.54 | |
| c) Others | 13.55 | 27.06 | 5.44 | 13.55 | 5.44 | 20.53 | |
| d) Unallocated | 749.04 | 791.99 | 2427.80 | 749.04 | 2427.80 | 890.86 | |
| Total Segment Assets | 9024.72 | 9049.10 | 6957.74 | 9024.72 | 6957.74 | 8830.42 | |
| 4 | Segment Liabilities | ||||||
| a) Consumer & Bazaar | 1559.47 | 1377.34 | 994.85 | 1559.47 | 994.85 | 1653.18 | |
| b) Business to Business | 829.53 | 837.20 | 671.06 | 829.53 | 671.06 | 837.44 | |
| c) Others | 2.50 | 1.78 | 1.82 | 2.50 | 1.82 | 1.74 | |
| d) Unallocated | 625.50 | 769.11 | 240.17 | 625.50 | 240.17 | 505.06 | |
| Total Segment Liabilities | 3017.00 | 2985.43 | 1907.90 | 3017.00 | 1907.90 | 2997.42 |
C&B segment covers sale of products mainly to end consumers which are retail users such as carpenters, painters, plumbers, mechanics, households, students, offices, etc. Sale consists of mainly Adhesives, Sealants, Art and craft Materials and Construction and paint Chemicals. B2B covers sale of products to end customers which are mainly large business users. This includes Industrial Products (IP) such as adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects), surfactants, etc. Others mainly includes sale of raw materials.
Unallocated Segment Assets as at 30th September 2021 include the following:-
a) Investments in units of mutual funds/alternate investment funds, bonds, preference shares, term deposits with banks, etc Rs. 199.34 Crores (30th June 2021 Rs. 209.24 Crores and 30th September 2020 Rs. 1890.25 Crores).
CONSOLIDATED UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2021
| Rs Crores | |||
|---|---|---|---|
| As at | As at | ||
| Sr No | Particulars | 30.09.2021 | 31.03.2021 |
| Unaudited | Audited | ||
| A ASSETS | |||
| 1 Non Current Assets | |||
| (a) Property, Plant and Equipment |
1437.04 | 1285.03 | |
| (b) Right of Use Assets |
191.48 | 157.81 | |
| (c) Capital Work-In-Progress |
239.83 | 293.87 | |
| (d) Goodwill |
1285.05 | 1283.95 | |
| (e) Other Intangible Assets |
1675.35 | 1691.13 | |
| (f) Investments accounted for using equity method |
47.54 | 32.47 | |
| (g) Financial Assets |
|||
| (i) Investments |
210.96 | 307.04 | |
| (ii) Loans |
4.79 | 4.85 | |
| (iii) Other Financial Assets |
54.63 | 51.06 | |
| (h) Income Tax Assets (net) |
99.38 | 97.12 | |
| (i) Deferred Tax Assets (net) |
19.65 | 16.59 | |
| (j) Other Non-current Assets |
76.18 | 94.13 | |
| Total Non Current Assets | 5341.88 | 5315.05 | |
| 2 Current Assets | |||
| (a) Inventories |
1414.51 | 1234.15 | |
| (b) Financial Assets |
|||
| (i) Investments |
153.19 | 176.46 | |
| (ii) Trade Receivables |
1396.06 | 1321.02 | |
| (iii) Cash and cash equivalents |
393.39 | 442.65 | |
| (iv) Bank balances other than (iii) above |
5.96 | 8.81 | |
| (v) Loans |
19.23 | 16.89 | |
| (vi) Other Financial Assets |
89.84 | 85.26 | |
| (c) Current Tax Assets (net) |
8.20 | 3.13 | |
| (d) Other Current Assets |
202.46 | 227.00 | |
| Total Current Assets | 3682.84 | 3515.37 | |
| TOTAL ASSETS | 9024.72 | 8830.42 | |
| B EQUITY AND LIABILITIES EQUITY |
|||
| (a) Equity Share Capital |
50.82 | 50.82 | |
| (b) Other Equity |
5746.76 | 5542.14 | |
| Equity attributable to owners of the Company | 5797.58 | 5592.96 | |
| Non-Controlling Interests | 210.14 | 240.04 | |
| Total Equity | 6007.72 | 5833.00 | |
| LIABILITIES 1 Non-Current Liabilities (a) Financial Liabilities |
|||
| (i) Borrowings |
9.57 | 12.39 | |
| (ii) Lease Liabilities |
90.05 | 80.68 | |
| (iii) Other Financial Liabilities |
15.31 | 13.63 | |
| (b) Provisions |
66.44 | 57.98 | |
| (c) Deferred Tax Liabilities (net) |
387.71 | 398.03 | |
| Total Non-Current Liabilities | 569.08 | 562.71 | |
| 2 Current Liabilities | |||
| (a) Financial Liabilities |
|||
| (i) Borrowings |
630.44 | 201.51 | |
| (ii) Trade Payables |
|||
| - Total Outstanding Dues of Micro Enterprises and Small Enterprises | 67.47 | 86.03 | |
| - Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises | 806.24 | 920.71 | |
| (iii) Lease Liabilities |
33.10 | 27.71 | |
| (iv) Other Financial Liabilities |
718.64 | 1034.04 | |
| (b) Other Current Liabilities |
116.73 | 114.73 | |
| (c) Provisions |
26.06 | 24.96 | |
| (d) Current Tax Liabilities (net) |
49.24 | 25.02 | |
| Total Current Liabilities | 2447.92 | 2434.71 | |
| Total Liabilities | 3017.00 | 2997.42 | |
| TOTAL EQUITY AND LIABILITIES | 9024.72 | 8830.42 | |
Rs Crores
| For the Six Months ended | ||
|---|---|---|
| Particulars | 30.09.2021 | 30.09.2020 |
| Unaudited | Unaudited | |
| A] Cash Flows from Operating Activities | ||
| Profit before tax | 781.19 | 510.07 |
| Adjustments for: | ||
| Share of profit from Associates | (2.93) | (1.08) |
| Finance costs recognised in Statement of Profit and Loss | 21.98 | 17.72 |
| Interest income recognised in Statement of Profit and Loss Dividend income recognised in Statement of Profit and Loss |
(2.18) - |
(10.49) (0.03) |
| Dividend from Associate | 2.80 | 1.79 |
| Loss on disposal of Property, Plant and Equipment | 5.61 | 0.06 |
| Net gain arising on financial assets designated at FVTPL | (5.69) | (29.28) |
| Allowance for Doubtful Debts | 9.02 | 14.84 |
| Depreciation, Amortisation and Impairment Expense | 116.96 | 93.99 |
| Unrealised Foreign Exchange Loss / (Gain) (Net) | 2.64 | (6.68) |
| Provision for Employee Benefits | 3.44 | 6.78 |
| Provision / Write back of Warranties and Others | 1.34 | 6.21 |
| Expense recognised in respect of Equity-Settled Share-Based Payments | 16.23 | 3.83 |
| Operating profits before Working Capital changes | 950.41 | 607.73 |
| Movements in Working Capital: | ||
| (Increase)/Decrease in Operating Assets | ||
| Trade Receivables | (70.94) | (61.51) |
| Inventories Non-Current Loans |
(190.30) 0.06 |
183.47 (0.04) |
| Current Loans | (2.34) | 2.04 |
| Other Non-Current Financial Assets | (4.53) | (1.54) |
| Other Current Financial Assets | (4.58) | 27.26 |
| Other Non-Current Non Financial Assets | (2.41) | 0.17 |
| Other Current Non Financial Assets | 24.54 | (23.61) |
| Increase/(Decrease) in Operating Liabilities | ||
| Trade Payables | (109.75) | (54.56) |
| Other Current Financial Liabilities | (306.80) | 62.49 |
| Other Non-Current Financial Liabilities | 1.68 | (0.41) |
| Other Current Non Financial Liabilities | 2.00 | 15.36 |
| Cash generated from Operations | 287.04 | 756.85 |
| Taxes paid (net of refunds) | (183.32) | (94.18) |
| Net Cash generated from Operating Activities [A] | 103.72 | 662.67 |
| B] Cash Flows from Investing Activities | ||
| Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & | ||
| Capital Work-In-Progress | (187.55) | (188.42) |
| Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets | 0.22 | 0.16 |
| Payments to purchase Investments | (60.26) | (2041.38) |
| Proceeds on sale of Investments | 170.23 | 1190.00 |
| (Increase) / Decrease in Bank Deposits Increase in Other Bank Balances |
4.05 (0.24) |
(6.71) (0.10) |
| Interest received | 2.18 | 10.49 |
| Dividend received | - | 0.03 |
| Net cash used in Investing Activities [B] | (71.37) | (1035.93) |
| C] Cash Flows from Financing Activities | ||
| Payment of Lease Liabilities | (21.20) | (16.59) |
| Net Increase / (Decrease) in Current Borrowings | 410.83 | (11.20) |
| Net Increase in Non-Current Borrowings | 0.37 | 2.15 |
| Payment from Share Capital issued to Minority (net) | (28.14) | (9.67) |
| Dividend paid on Equity Shares (including tax thereon) | (431.71) | (0.10) |
| Interest paid Net cash used in Financing Activities [C] |
(17.94) (87.79) |
(14.29) (49.70) |
| Net decrease in Cash and Cash Equivalents [A+B+C] | (55.44) | (422.96) |
| Cash and Cash Equivalents at the beginning of the year | 327.20 | 606.37 |
| Bank unrealised gain / (loss) | (0.05) | 0.18 |
| Cash and Cash Equivalents at the beginning of the year | 327.15 | 606.55 |
| Cash and Cash Equivalents at the end of the year | 271.74 | 183.68 |
| Bank unrealised loss | (0.03) | (0.09) |
| Cash and Cash Equivalents at the end of the year | 271.71 | 183.59 |
| Net decrease in Cash and Cash Equivalents | (55.44) | (422.96) |
Notes:
The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (IND AS 7) - Statement of Cash Flows.
| As at 30.09.2021 | As at 30.09.2020 | |
|---|---|---|
| Cash and Cash Equivalents comprises of | ||
| Cash and cash equivalents | 393.39 | 271.00 |
| Less: | ||
| - Bank overdrafts | 121.65 | 87.32 |
| 271.74 | 183.68 |
Notes to the Consolidated Unaudited Financial Results:
-
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 10th November 2021.
-
- The above results comprise the results of Pidilite Industries Ltd. (Parent Company), 36 subsidiary companies (including one partnership firms), (Parent Company and it's subsidiaries together referred as "the Group") two Associate Company and one Joint Venture. The Statutory auditors have carried out a " Limited Review" of the above financial results for the quarter and six months ended 30th September 2021 and have issued an unmodified opinion.
-
- The financial results of the Group have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013 ('Act') read with Companies (Indian Accounting Standards) Rules, 2015, as amended.
-
- Exceptional items represents diminution / impairment in value of investment of Rs.3.62 Crores for year ended 31st March 2021.
-
- The Group has taken into account external and internal information for assessing possible impact of COVID -19 on various element of its financial results, including recoverability of its assets.
-
- As approved by the Members of the Parent Company at the Annual General Meeting held on August 11, 2021, the Parent Company has paid a final dividend of Rs 8.5 per equity share of the face value of Re. 1 each aggregating Rs. 431.93 Crores.
-
- The Parent Company granted options of 50,000 equity shares on 9th October 2021 and 56,250 equity shares on 9th November 2021 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company.
-
- During the quarter, the Parent Company has filed two merger applications with National Company Law Tribunal (NCLT) with respect to merger of its wholly owned subsidiaries namely Pidilite Adhesives Pvt. Ltd. and Cipy Polyurethanes Pvt. Ltd., Appointed date being 1st April 2022. The said merger applications have been heard by NCLT on 1st November 2021. NCLT order on the merger applications is awaited.
-
- Previous periods' figures are regrouped to make them comparable with those of current period, wherever applicable.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Mumbai BHARAT PURI Dated : 10th November 2021 Managing Director
DIN: 02173566
Q2' FY 22
Earnings Presentation
OUR BRANDS
DISCLAIMER
This presentation may contain statements which reflect the management's current views and estimates and could be construed as forward looking statements.
)!Ti 11 The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed.
Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.
MARKET OUTLOOK
- The business witnessed growth along with improving consumer demand sentiments due to accelerated vaccinations, reduced COVID infections and increased mobility.
- Unprecedented increases and volatility in input costs has been a major challenge during quarter.
- Going forward we remain cautiously optimistic on continuing robust demand.
- Unabated commodity inflation and supply availability remains a significant challenge and would require continued focus.
FINANCIAL HIGHLIGHTS
EARNINGS SUMMARY Q2' FY22
| EARNINGS SUMMARY Q2' FY22 |
|||||||
|---|---|---|---|---|---|---|---|
| NET SALES | EBITDA* | PBT* | PAT | ||||
| CONSOLIDATED | Rs. 2,613 Cr | Rs. 550 Cr | Rs. 492 Cr | Rs. 376 Cr | |||
| 40.7% | 6.9% | 2.7% | 5.3% | ||||
| YOY GROWTH | 33.4% | -ve 2.3% |
-ve 7.0% |
-ve 4.4% |
|||
| excluding PAPL is shown in unshaded portion and in italics | |||||||
| STAND ALONE | Rs. 2,200 Cr |
Rs. 479 Cr | Rs. 442 Cr | Rs. 339 Cr | |||
| YOY GROWTH | 35.8% | 1.2% | -ve 2.9% |
0.2% | |||
| * EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items. |
| STAND ALONE | Rs. 2,200 Cr |
||
|---|---|---|---|
| YOY GROWTH |
EARNINGS SUMMARY H1' FY22
| H1' FY22 | EARNINGS SUMMARY | |||
|---|---|---|---|---|
| CONSOLIDATED | NET SALES | EBITDA* | PBT* | PAT |
| Rs. 4,541 Cr | Rs. 907 Cr | Rs. 781 Cr | Rs. 593 Cr | |
| 66.3% | 55.8% | 53.1% | 59.3% | |
| YOY GROWTH | 58.7% | 43.9% | 39.7% | 45.6% |
| excluding PAPL is shown in unshaded portion and in italics | ||||
| STAND ALONE | Rs. 3,817 Cr | Rs. 787 Cr | Rs. 797 Cr | Rs. 628 Cr |
| YOY GROWTH | 59.9% | 38.1% | 49.8% # | 58.8% # |
| * EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items. # Excluding dividend from subsidiary: PBT Growth: 31.7% and PAT Growth: 28.3% |
| STAND ALONE | Rs. 3,817 Cr | ||
|---|---|---|---|
| YOY GROWTH |
PERFORMANCE OVERVIEW
- Strong sales volume and value growth across geographies.
- Consumer and Bazaar businesses ('C&B') reported growth across all categories such as adhesives, construction chemicals and DIY portfolio. Business to Business ('B2B') growth led by continued momentum in industrial activities.
- Gross Margins have contracted on account of sharp escalation in input costs.
- Calibrated pricing actions and a focus on costs and operational efficiencies have led us to have maintained EBITDA margins in our historic range.
- Domestic subsidiaries in C&B business returned to double digit growth led by higher sales in premium products. Subsidiaries in B2B business have improved sequentially on account of recovery in real estate and construction related activities, however margin recovery will take long due to unabated commodity inflation.
- In International subsidiaries , modest revenue growth in Asia on the back of lockdown restrictions in many countries. Margins impacted on account of input cost inflation. Americas decline on a higher previous year base. During the previous year, sales were higher on account of pent-up demand as well as benefits passed by the Governments to consumers during Covid.
OVERSEAS SUBSIDIARIES PERFORMANCE Q2' FY22
9 9 9 9 9 80.7 64.7 Sales 29.1 6.0 EBITDA 38.0 50.8 Sales -1.3 -0.1 EBITDA 54.9 62.8 Sales 8.4 8.6 EBITDA Americas Middle East and Africa Asia
• Amounts are like for like actual reported numbers excluding translations and other consolidation impacts
• Amounts in 'bold 'denotes CY ^ America includes one off tax gain in Pulvitec of Rs 9.5 Crs during Q2'21.
(in INR Crores)
9
OVERSEAS SUBSIDIARIES PERFORMANCE Q2' FY22
(in INR Crores)
10
• Amounts are like for like actual reported numbers excluding translations and other consolidation impacts
• Amounts in 'bold 'denotes CY ^ America includes one off tax gain in Pulvitec of Rs 9.5 Crs during Q2'21.
DOMESTIC SUBSIDIARIES PERFORMANCE Q2' FY22
DOMESTIC SUBSIDIARIES PERFORMANCE H1' FY22
A COMPANY AT GLANCE
Brand established in 1959 Pioneer in Consumer & Specialty Chemicals Adhesives & sealants, construction chemicals, art & craft products & polymer emulsions History of creating strong brands Among the most trusted brands in the country. Other big brands include M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite, Araldite Karpenter and Araseal 9 Regional offices 26plants 30co-makers in India 6500+employees International manufacturing facilities in USA, Thailand, Dubai, Brazil, Egypt, Bangladesh, Sri Lanka & Kenya Rs 627 cr revenue from overseas subsidiaries in FY 21 Exporter of Pigments and Pigment emulsions to emerging markets as well as Europe and North America 3 R&D centres in India. 1in Singapore 1in USA
97% of our employees have been vaccinated with 1st dose and 60% with 2nd dose, target to fully vaccinate all employees by end of December 21.
INDUSTRY SEGMENT COMPOSITION
5-Year Performance by Business Segments
Numbers represent Percentage of Total Sales
Consumer and Bazaar (C&B) Business to Business (B2B)
B2B includes Others also
DOMESTIC PRESENCE INDIA OPERATIONS
6,000+ SKUs of 600+ products
Domestic Revenue of Rs. 5,547 Cr for FY21
26 plants, 30 Co-makers
4,800+ distributors
44 warehouses
9 regional offices & 2 RDCs
SHARE HOLDING PATTERN- 30 September 2021
MARKETING & ADVERTISING
Consistent and effective brand building activities across various categories
- a. Consumer Adhesives & Sealants
- b. Craftsmen Adhesives
- c. Waterproofing Chemicals
- d. Hobby & Craft Colours
Several of the brands are well-known in respective categories (Fevicol, Fevikwik, M-Seal, Dr Fixit, Fevicryl, etc.)
Award winning advertisements resulting in mass appeal of brands across all segments and geographies.
Significant relationship building activities with end users and influencers.
Extensive grass root contact with endusers to promote usage of products and brands.
CONNECTING DIGITALLY
Worried about food and drink spillages staining tile joints? Roff Epoxy Joint Fillers are no and prevents staining keeping your tiles beautiful. Visit www.roff.in for more details.
#Roff #PidiliteRoff #TileAdhesive #TileJointFillers
WANT STAIN FREE TILE JOINTS?
Published by Muskan Agarwal @ - 17 September - @ Fevicryl Fabric Glue is all you need to #StickAndCelebrate the festive season, right Hobbyists? So tell us, what will you create with Fevicryl Fabric Glue to make your festivities special?
What will you make using Fevicryl Fabric Glue this festive season
Fevikwik
in in
The wait is finally over! Here are the top 3 #FevikwikStars who won an iPhone 12 Mini! Congratulations!
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wipe to see the 3 lucky winners
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CELEBRATING OCCASSIONS- DIGITAL WAY
Pakde rahenge, todenge nahi :P #Janmashtami #FevicolKaJod #MazbootJod
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Fevikwik
If it hadn't been for them, we would have never known the difference. #HappyTeachersDay #Fevikwik #PhenkoNahiJodo $\bullet\bullet\bullet$
Hobby Ideas India o Published by Muskan Aganyal @ - 15 August - @
In creativity, there is freedom. There are no rules. You are free to imagine, to choose and to create. And this will make you feel the most alive, won't it? Drop in a 22 if you agree! #HappyIndependenceDay
"PHENKO, NAHI JODO" "PHENKO NAHI, JODO"
Because of you, we know why punctuation matters. #HappyTeachersDay
SHARE PRICE MOVEMENT
Rebased to 100
CONSISTENT DIVIDEND PAYOUTS
Note: The Net Profit considered for above calculation is excluding exceptional items
CIN : L24100MH1969PLC014336
Investor Relations [email protected]
Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Phone : +91 22 28357949 Fax : +91 22 28216007
