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Pidilite Industries Ltd. — Interim / Quarterly Report 2022
May 19, 2022
61002_rns_2022-05-19_47f3aeca-9206-45d1-9d1d-b1f11c516386.pdf
Interim / Quarterly Report
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19[th] May, 2022
The Secretary BSE Ltd. Corporate Relationship Dept., 14[th] floor, P. J. Tower, Dalal 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 year ended 31[st] March, 2022 and a presentation.
Thanking You,
Yours faithfully, For Pidilite Industries Limited
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Manisha Shetty Company Secretary
Encl: a/a
Regd. Office Regent Chambers, 7th Floor Jamnalal Bajaj Marg 208 Nariman Point Mumbai 400 021
Pidilite Industries Limited Corporate Office Ramkrishna Mandir Road Andheri - E, Mumbai 400059, India T + 91 22 2835 7000 2835 7952 / 2835 7365 F +91 22 2830 4482 www.pidilite.com ClN:L24100MH1969PLC014336
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Pidilite Industries Limited Investor Update
Year and quarter ended March 2022
Financial Highlights
Coverage
-
Financial Highlights
-
Business segment wise results
-
Overseas subsidiaries performance
-
Domestic subsidiaries performance
-
Financial Results
| Financial Highlights | ||||
|---|---|---|---|---|
| Particulars | Consolidated | Standalone | ||
| Year Ended Mar’22 |
Quarter Ended Mar’22 |
Year Ended Mar’22 |
Quarter Ended Mar’22 |
|
| Sales Growth | 36.3% | 12.0% | 34.1% | 12.1% |
| EBITDA Growth/(Decline) |
11.1% | (10.5%) | 4.0% | (15.2%) |
Investor Communication
This investor update covers the Company’s performance for the year and quarter ended 31[st] March 2022.
Contact information
Manisha Shetty, Company Secretary E-mail: [email protected] Telephone : 022-2835 7949
Mumbai, May 18, 2022:
The current year registered robust sales growth aided by strong volume growth across categories and geographies. Growth was broad based across Consumer and Bazaar (‘C&B’) and Business to Business (‘B2B’) segments with both the segments reporting volume growths of over twenty percent each. This was strongly enabled by the focus on digital initiatives, innovation and building a resilient and agile supply chain.
The current quarter witnessed price led growth with volumes remaining subdued on account of the pandemic and persistent inflation impacting consumer demand. The margins remained impacted adversely by unprecedented inflation in key raw materials as a result of volatility and increased input costs. This was partially mitigated by calibrated pricing actions. In this difficult macro environment, we continued to make adequate investment in our brands.
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Financial Highlights
FY 2021 - 22:
Consolidated Performance as compared to the previous year ended:
-
Net sales grew by 36.3%.
-
Material cost as a % to net sales is higher by 853 Bps.
-
EBITDA before non-operating income grew by 11.1%
-
Profit before tax and Exceptional Items (PBT) grew by 5.7%.
-
Profit after tax (PAT) grew by 7.2%.
Standalone Performance as compared to the previous year ended:
-
Net sales grew by 34.1%, with underlying sales volume & mix growth of 19.9%. This was driven by growth of 20.2% in sales volume & mix of C&B and B2B each.
-
Material cost as a % to net sales is higher by 960 Bps.
-
EBITDA before non-operating income grew by 4.0%
-
Profit before tax and Exceptional Items (PBT) grew by 11.7% (excluding dividend from subsidiary: declined by 1.5%).
-
Profit after tax (PAT) grew by 17.3% (excluding dividend from subsidiary: declined by 0.5%).
Q4 FY 2021 - 22:
Consolidated Performance as compared to the same quarter last year:
-
Net sales grew by 12.0%.
-
Material cost as a % to net sales is higher by 738 Bps vs same quarter last year and flat vs sequential quarter.
-
EBITDA before non-operating income declined by 10.5%, given the input cost led contraction in gross margins by 7.4%.
-
Profit before tax and Exceptional Items (PBT) declined by 16.6%.
-
Profit after tax (PAT) declined by 17.2%.
Standalone Performance as compared to the same quarter last year:
-
Net sales grew by 12.1%.
-
Material cost as a % to net sales is higher by 922 Bps over same quarter last year and 48 Bps vs sequential quarter.
-
EBITDA before non-operating income declined by 15.2%, given the input cost led contraction in gross margins by 9.2%
-
Profit before tax and Exceptional Items (PBT) grew by 5.6% (excluding dividend from subsidiary: declined by 20.0%)
-
Profit after tax (PAT) grew by 15.1% (excluding dividend from subsidiary: declined by 19.7%).
Dividend
The Board of Directors have proposed a final dividend of Rs. 10 Per share, subject to approval of shareholders at the AGM.
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Business Segment Wise Performance – Standalone (On a comparable basis)
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Rs Crores
Sr. PARTICULARS Year Ended Quarter Ended
No Mar'22 Mar'21 Growth Mar'22 Mar'21 Growth
1 Segment Sales
a) Consumer & Bazaar Products (C&B) 6,554.5 4,978.6 31.7% 1,593.8 1,446.8 10.2%
b) Business to Business (B2B) 1,853.7 1,272.6 45.7% 519.3 419.2 23.9%
c) Others 63.7 38.5 65.3% 18.8 17.4 7.9%
Total 8,471.9 6,289.7 34.7% 2,131.9 1,883.4 13.2%
Less : Inter Segment Sales 173.4 103.1 68.2% 57.0 32.1 77.6%
Net Sales 8,298.5 6,186.6 34.1% 2,074.9 1,851.3 12.1%
2 Segment Results
a) Consumer & Bazaar Products (C&B) 1,719.1 1,658.6 3.6% 373.5 429.5 -13.0%
b) Business to Business (B2B) 193.6 167.6 15.5% 46.7 60.6 -22.9%
c) Others -2.2 -1.8 -17.4% -0.8 1.4 -158.2%
Total Segment Results 1,910.5 1,824.4 4.7% 419.4 491.5 -14.7%
Less : i ) Finance Costs 26.4 17.0 55.5% 4.9 4.4 10.9%
ii) Other unallocable expenditure net of 256.6 350.3 -26.8% 17.8 111.2 -84.0%
Unallocable income
Profit before tax (Before exceptional items) 1,627.5 1,457.1 11.7% 396.8 375.9 5.6%
Less:- Exceptional Items - 0.5 - -
Profit before tax 1,627.5 1,456.6 11.7% 396.8 375.9 5.6%
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FY 2021 - 2022
-
Net sales of Consumer and Bazaar segment grew by 31.7%. PBIT of C&B segment grew by 3.6%.
-
Net sales of B2B segment grew by 45.7%. PBIT of B2B segment grew by 15.5%.
Q4 FY 2021 - 2022
-
Net sales of Consumer and Bazaar segment grew by 10.2%. PBIT of C&B segment declined by 13.0%.
-
Net sales of B2B segment grew by 23.9%. PBIT of B2B segment declined by 22.9%.
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.
-
The Subsidiaries in Asia continued the growth momentum. Americas declined 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. Middle East and Africa reported modest sales growth. Margins continued to remain under pressure due to higher input cost.
-
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.
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Rs Crores
| Sales | Full Year | Full Year | Full Year | Quarter ended | Quarter ended | Quarter ended |
|---|---|---|---|---|---|---|
| FY'22 | FY'21 | Growth | Mar'22 | Mar'21 | Growth | |
| Asia | 293.5 | 220.0 | 33.4% | 82.5 | 68.1 | 21.2% |
| Middle East and Africa | 207.9 | 156.4 | 33.0% | 55.4 | 48.8 | 13.6% |
| Americas | 224.0 | 246.9 | -9.3% | 53.6 | 57.1 | -6.2% |
| Total | 725.4 | 623.3 | **16.4% ** | 191.5 | 174.0 | 10.1% |
| Rs Crores | ||||||
| EBITDA | Full Year | Quarter ended | ||||
| FY'22 | FY'21 | Growth | Mar'22 | Mar'21 | Growth | |
| Asia | 45.7 | 35.9 | 27.4% | 9.1 | 12.5 | -27.3% |
| Middle East and Africa | -3.3 | -5.9 | 44.0% | -1.4 | -1.5 | 4.3% |
| Americas# | 9.7 | 42.6 | -77.2% | -2.4 | 1.7 | -243.8% |
| Total | 52.1 | 72.6 | **-28.2% ** | 5.3 | 12.7 | -58.2% |
Including tax gain of Rs 9.5 Cr in FY 21.
Domestic subsidiaries performance
-
The Company has 14 domestic subsidiaries, 3 associates and 1 partnership firm.
-
Domestic subsidiaries in C&B registered good sales growth and healthy margins. The sales growth in B2B subsidiaries are showing signs of revival but EBITDA remained under pressure due to higher input costs.
-
The performance of major subsidiaries is detailed below. These are like for like actual reported numbers excluding consolidation impacts.
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Rs Crores
Full Year Ended Quarter Ended
Sales
Mar'22 Mar'21 Growth Mar'22 Mar'21 Growth
Nina Percept Pvt Ltd 258.6 176.6 46.4% 84.0 72.1 16.5%
ICA Pidilite Pvt Ltd 272.1 178.2 52.7% 78.4 61.5 27.4%
Cipy Polyurethane Pvt Ltd 126.8 89.7 41.4% 33.0 33.1 0.0%
Pidilite Adhesives Pvt Ltd 495.7 168.3 194.5% 139.1 109.6 26.9%
Others 41.9 30.9 35.5% 13.3 12.1 10.5%
Total 1,195.1 643.7 85.7% 347.8 288.4 20.6%
Rs Crores
Full Year Ended Quarter Ended
EBITDA
Mar'22 Mar'21 Growth Mar'22 Mar'21 Growth
Nina Percept Pvt Ltd -25.4 -26.9 5.6% -2.4 -3.9 38.5%
ICA Pidilite Pvt Ltd 41.0 25.2 62.7% 12.6 6.3 98.8%
Cipy Polyurethane Pvt Ltd 12.3 1.6 658.0% 2.8 4.8 -42.3%
Pidilite Adhesives Pvt Ltd 160.9 60.3 166.6% 43.2 34.3 26.1%
Others 1.3 2.7 -51.8% 0.0 0.5 -95.6%
Total 190.1 62.9 202.1% 56.2 42.0 33.6%
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*During the year, 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 (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed date 1st April 2022. As a result of merger being an event happening after balance sheet date, no effect of merger given in the financial results.
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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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores
| Sr. No. |
Particulars | For the Quarter ended | For the Quarter ended | For the Quarter ended | For the Year ended | For the Year ended |
|---|---|---|---|---|---|---|
| 1 | Total Income a) Revenue from Operations b) Other Income |
31.03.2022 | 31.12.2021 | 31.03.2021 | 31.03.2022 | 31.03.2021 |
| Unaudited | Unaudited | Unaudited | Audited | Audited | ||
| 2084.40 105.46 |
2416.31 6.47 |
1857.01 11.86 |
8340.17 230.37 |
6216.33 73.49 |
||
| Total Income | 2189.86 | 2422.78 | 1868.87 | 8570.54 | 6289.82 | |
| 2 | Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Finance costs f) Depreciation, amortisation and impairment expense g) Otherexpenses |
1169.29 191.88 (167.55) 225.06 4.87 45.89 323.66 |
1197.70 177.56 (2.40) 227.76 6.65 44.44 337.57 |
875.05 163.27 (143.96) 215.68 4.39 39.32 339.25 |
4174.20 637.16 (214.02) 905.19 26.42 175.12 1238.98 |
2469.53 453.99 (89.77) 787.75 16.99 147.10 1047.15 |
| Total Expenses | 1793.10 | 1989.28 | 1493.00 | 6943.05 | 4832.74 | |
| 3 | Profit before exceptional items and tax (1-2) | 396.76 | 433.50 | 375.87 | 1627.49 | 1457.08 |
| 4 | Exceptional items | - | - | - | - | 0.45 |
| 5 | Profit before tax (3-4) | 396.76 | 433.50 | 375.87 | 1627.49 | 1456.63 |
| 6 | Tax Expense Current tax Deferred tax |
69.95 8.65 |
111.00 (0.02) |
96.80 2.55 |
360.95 (2.08) |
375.05 0.12 |
| 7 | Profit for the period (5-6) | 318.16 | 322.52 | 276.52 | 1268.62 | 1081.46 |
| 8 | Other Comprehensive Income Items that will not be reclassified to profit or loss Income tax relatingto items that will not be reclassified toprofit or loss |
(4.88) 1.23 |
(2.41) 0.60 |
(4.69) 1.18 |
(12.12) 3.05 |
(0.95) 0.24 |
| 9 | Total Comprehensive Income for the period (7+8) | 314.51 | 320.71 | 273.01 | 1259.55 | 1080.75 |
| 10 | Paid-up Equity Share Capital (Face value of share : Re. 1/-) | 50.83 | 50.82 | 50.82 | 50.83 | 50.82 |
| 11 | Other Equity | 6366.12 | 5510.40 | |||
| 12 | Earnings per equity share in Rs. a) Basic b)Diluted |
@ 6.26 @ 6.26 |
@ 6.35 @ 6.34 |
@ 5.44 @ 5.44 |
24.96 24.95 |
21.28 21.27 |
@ For the period only and not annualised. See accompanying Notes to Financial Results
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STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores
| Sr. No. |
Particulars | For the Quarter ended | For the Quarter ended | For the Quarter ended | For the Year ended | For the Year ended |
|---|---|---|---|---|---|---|
| 31.03.2022 | 31.12.2021 | 31.03.2021 | 31.03.2022 | 31.03.2021 | ||
| Unaudited | Unaudited | Unaudited | Audited | Audited | ||
| 1 | Segment Revenue a) Consumer & Bazaar Products b) Business to Business c) Others Total Less : Inter Segment Revenue |
1599.20 523.43 18.77 |
1925.10 511.74 20.46 |
1450.97 420.73 17.40 |
6579.16 1870.73 63.70 |
4998.16 1282.73 38.53 |
| 2141.40 57.00 |
2457.30 40.99 |
1889.10 32.09 |
8513.59 173.42 |
6319.42 103.09 |
||
| Revenue from Operations | 2084.40 | 2416.31 | 1857.01 | 8340.17 | 6216.33 | |
| 2 | Segment Results a) Consumer & Bazaar Products b) Business to Business c) Others Total Less : i) Finance Costs ii) Other Unallocable Expenditure net of Unallocable Income |
373.53 46.72 (0.81) |
501.85 50.11 (1.17) |
429.46 60.61 1.41 |
1719.10 193.56 (2.16) |
1658.63 167.58 (1.84) |
| 419.44 4.87 17.81 |
550.79 6.65 110.64 |
491.48 4.39 111.22 |
1910.50 26.42 256.59 |
1824.37 16.99 350.30 |
||
| Profit Before Exceptional Item and Tax | 396.76 | 433.50 | 375.87 | 1627.49 | 1457.08 | |
| Exceptional Items | - | - | - | - | 0.45 | |
| Profit Before Tax | 396.76 | 433.50 | 375.87 | 1627.49 | 1456.63 | |
| 3 | Segment Assets a) Consumer & Bazaar Products b) Business to Business c) Others d)Unallocated |
3257.39 1255.05 11.74 3899.73 |
3170.85 1234.58 14.81 3821.23 |
2724.66 979.15 20.53 3899.07 |
3257.39 1255.05 11.74 3899.73 |
2724.66 979.15 20.53 3899.07 |
| Total Segment Assets | 8423.91 | 8241.47 | 7623.41 | 8423.91 | 7623.41 | |
| 4 | Segment Liabilities a) Consumer & Bazaar Products b) Business to Business c) Others d)Unallocated |
1298.59 468.73 1.00 238.64 |
1356.66 434.81 1.84 351.08 |
1208.22 395.70 1.74 456.53 |
1298.59 468.73 1.00 238.64 |
1208.22 395.70 1.74 456.53 |
| Total Segment Liabilities | 2006.96 | 2144.39 | 2062.19 | 2006.96 | 2062.19 |
Consumer & Bazaar segment (C&B) 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. Business to Business (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.
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STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2022
| Rs Crores | Rs Crores | ||
|---|---|---|---|
| Sr No |
Particulars | As at 31.03.2022 |
As at 31.03.2021 |
| Audited | Audited | ||
| A 1 |
ASSETS Non Current Assets (a) Property, Plant and Equipment (b) Right of Use Assets (c) Capital Work-In-Progress (d) Goodwill (e) Other Intangible Assets (f) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets (g) Income Tax Assets (net) (h) Other Non-Current Assets |
1290.01 166.52 207.34 86.34 189.43 3298.70 5.02 18.74 125.18 41.65 |
1023.38 118.67 281.5 86.34 194.17 3312.26 4.82 15.15 86.98 79.37 |
| Total Non Current Assets | 5428.93 | 5202.64 | |
| 2 | Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other Financial Assets (c) Other Current Assets |
1372.70 147.31 1157.61 116.49 2.82 17.66 10.17 170.22 |
975.94 169.35 999.09 109.81 2.56 16.25 7.34 140.43 |
| Total Current Assets | 2994.98 | 2420.77 | |
| TOTAL ASSETS | 8423.91 | 7623.41 | |
| B | EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity |
50.83 6366.12 |
50.82 5510.40 |
| Total Equity | 6416.95 | 5561.22 | |
| 1 | LIABILITIES Non-Current Liabilities (a) Financial Liabilities (i) Lease Liabilities (ii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities(net) |
63.72 19.94 54.69 70.73 |
48.79 13.63 45.02 75.86 |
| Total Non-Current Liabilities | 209.08 | 183.30 | |
| 2 | Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade Payables - Total Outstanding Dues of Micro Enterprises and Small Enterprises - Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises (iii) Lease Liabilities (iv) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities(net) |
105.00 58.88 791.88 25.55 694.44 80.32 33.89 7.92 |
55.00 67.04 726.78 18.54 900.44 72.66 16.48 21.95 |
| Total Current Liabilities | 1797.88 | 1878.89 | |
| Total Liabilities | 2006.96 | 2062.19 | |
| TOTAL EQUITY AND LIABILITIES | 8423.91 | 7623.41 |
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| Rs Crores ---4--- STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31.03.2022 |
Rs Crores ---4--- STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31.03.2022 |
Rs Crores ---4--- STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31.03.2022 |
||
|---|---|---|---|---|
| For the Year ended | ||||
| Particulars | 31.03.2022 Audited |
31.03.2021 Audited |
||
| A] Cash Flows from Operating Activities Profit before tax Adjustments for: Finance costs recognised in Statement of Profit and Loss Interest income recognised in Statement of Profit and Loss Dividend income recognised in Statement of Profit and Loss Loss on disposal of Property, Plant and Equipment Net gain arising on financial assets designated at FVTPL Allowance for Doubtful Debts and Advances (net) Exceptional Item - Impairment in value of Investments Depreciation, Amortisation and Impairment Expense Unrealised foreign exchange loss/ gain (net) Provision for Employee Benefits Profit on buyback of shares Expense recognised in respect of Equity-Settled Share-Based Payments Operating profits before Working Capital changes Movements in Working Capital: (Increase)/Decrease in Operating Assets Trade Receivables Inventories Non-Current Loans Current Loans Other Non-Current Financial Assets Other Current Financial Assets Other Non-Current Non Financial Assets Other Current Non Financial Assets Increase/(Decrease) in Operating Liabilities Trade Payables Other Current Financial Liabilities Other Non-Current Financial Liabilities Other Current Non Financial Liabilities Cash generated from Operations Taxes paid (net of refunds) Net Cash generated from Operating Activities [A] B] Cash Flows from Investing Activities Net Cash outflow on acquisition / Investment in Subsidiaries Proceeds from buyback of shares from subsidiary Payments to purchase Investments Proceeds on sale of Investments (Increase)/ Decrease in Bank Deposits (Increase) / Decrease in Other Bank Balances Interest received Dividend received Net cash used in Investing Activities [B] C] Cash Flows from Financing Activities Net increase in Current Borrowings Proceeds from issue of Equity shares of the Company Payment of Lease Liabilities Dividends paid on Equity Shares (including tax thereon) Interest paid Net cash (used in) / generated from Financing Activities [C] Net increase /(decrease) in Cash and Cash Equivalents[A+B+C] Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & Capital Work-In-Progress Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets |
1627.49 26.42 (0.58) (196.41) 8.19 (11.19) 0.40 - 175.12 3.90 14.96 (1.11) 28.09 |
1456.63 16.99 (12.78) (2.78) 5.85 (39.99) 3.73 0.45 147.10 (1.88) 7.89 - 17.28 |
||
| 1675.28 | 1598.49 | |||
| (160.41) (396.76) (0.20) (1.41) (3.59) (2.83) (20.87) (29.79) 54.91 49.27 6.31 8.90 |
(200.06) (240.47) (0.78) (7.87) 0.02 0.89 (27.80) 13.39 296.34 121.42 6.37 (17.40) |
|||
| 1178.81 | 1542.54 | |||
| (413.18) | (342.02) | |||
| 765.63 | 1200.52 | |||
| (315.25) 0.77 (359.95) 11.28 (30.00) 170.24 (0.18) (0.08) 0.58 196.41 |
(323.97) 1.76 (2109.95) - (2898.47) 3634.27 1.42 0.69 12.78 2.78 |
|||
| (326.18) | (1678.69) | |||
| 50.00 0.01 (31.26) (431.85) (19.67) |
55.00 0.01 (24.08) (0.69) (11.53) |
|||
| (432.77) | 18.71 | |||
| 6.68 | (459.46) | |||
| Cash and Cash Equivalents at the beginning of the year Unrealised loss/gain on foreign currency cash and cash equivalents Cash and Cash Equivalents at the beginning of the year Cash and Cash Equivalents at the end of the year Unrealised loss on foreign currency cash and cash equivalents Cash acquired under Business combination Cash and Cash Equivalents at the end of the year Net increase /(decrease) in Cash and Cash Equivalents* |
109.81 (0.05) |
564.17 0.18 |
||
| 109.76 | 564.35 | |||
| 116.49 (0.05) - |
109.81 (0.05) (4.87) |
|||
| 116.44 | 104.89 | |||
| 6.68 | (459.46) |
*The Company had completed the acquisition of the business of wholly owned entity, Ms Nitin Enterprise on 31st March 2021.
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.
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Notes to the Standalone 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 18th May 2022.
-
The Statutory auditors have performed audit of the standalone financial results for the year ended 31st March 2022 and limited review of financial results for the quarter ended 31st March 2022 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 the year ended 31st March 2021.
-
Other Income includes dividend received from a subsidiary amounting to Rs.96.20 Crores for quarter ended 31st March 2022 and Rs.192.40 crores for the year ended 31st March 2022.
-
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.
-
The Company has allotted 1,22,785 equity shares on 8th March 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company, to whom the options were granted.
-
The Company granted options of 2,500 equity shares on 11th March 2022 and 330 equity shares on 18th May 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company.
-
During the year, 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 (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed date 1st April 2022. As a result of merger being an event happening after balance sheet date, no effect of merger given in the financial results.
-
Subject to the approval of the shareholders at the Annual General Meeting, the Board recommended payment of Dividend of Rs.10.00 per equity share of Re. 1/- each for the financial year ended 31st March 2022.
-
The figures for the quarter ended 31st March 2022 and 31st March 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year.
-
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 Dated : 18th May 2022
BHARAT PURI Managing Director DIN: 02173566
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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
| Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
Rs Crores STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022 |
||
|---|---|---|---|---|---|---|---|
| Sr. No. |
Particulars | For the Quarter ended | For the Year ended | ||||
| 1 | Total Income a) Revenue from Operations b)Other Income |
31.03.2022 | 31.12.2021 | 31.03.2021 | 31.03.2022 | 31.03.2021 | |
| Unaudited | Unaudited | Unaudited | Audited | Audited | |||
| 2507.10 11.11 |
2850.72 5.17 |
2235.52 17.33 |
9920.96 36.30 |
7292.71 79.40 |
|||
| Total Income | 2518.21 | 2855.89 | 2252.85 | 9957.26 | 7372.11 | ||
| 2 | Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Finance costs f) Depreciation, amortisation and impairment expense g) Otherexpenses |
1413.88 186.62 (184.23) 278.61 9.35 62.19 411.14 |
1438.06 185.34 (15.14) 280.02 10.75 60.46 413.41 |
1086.50 181.31 (168.17) 262.71 7.44 57.19 412.38 |
5040.74 648.40 (244.96) 1112.36 42.08 239.61 1517.13 |
3017.82 477.17 (118.32) 980.86 37.23 200.66 1254.56 |
|
| Total Expenses | 2177.56 | 2372.90 | 1839.36 | 8355.36 | 5849.98 | ||
| 3 | Profit before Exceptional Items, Share of profit of Associates and Joint venture and Tax (1-2) |
340.65 |
482.99 | 413.49 | 1601.90 | 1522.13 | |
| 4 5 |
Share of profit of associates (net of tax) Share ofprofit ofjointventure (net oftax) |
5.22 - |
3.73 - |
1.32 - |
11.88 - |
3.98 - |
|
| 6 | Profit before Exceptional Items and Tax (3+4+5) | 345.87 | 486.72 | 414.81 | 1613.78 | 1526.11 | |
| 7 | Exceptional items | - | - | 3.62 | - | 3.62 | |
| 8 | Profit before tax (6-7) | 345.87 | 486.72 | 411.19 | 1613.78 | 1522.49 | |
| 9 | Tax Expense Current tax Deferred tax |
79.95 11.57 |
127.78 (0.30) |
104.03 (0.28) |
407.94 (0.92) |
399.88 (3.52) |
|
| 10 | Profit for the period (8-9) | 254.35 | 359.24 | 307.44 | 1206.76 | 1126.13 | |
| Attributable to: Shareholders of the Company NonControllingInterest |
254.35 - |
358.49 0.75 |
306.19 1.25 |
1207.56 (0.80) |
1131.21 (5.08) |
||
| 11 | Other Comprehensive Income Items that will not be reclassified to profit or loss Income tax relating to items that will not be reclassified to profit or loss Items thatwillbereclassified to profit or loss |
(5.71) 1.44 (14.38) |
(2.39) 0.60 0.04 |
(4.83) 1.25 (3.85) |
(12.88) 3.23 (12.46) |
(0.99) 0.28 (10.15) |
|
| Total Other Comprehensive Income | (18.65) | (1.75) | (7.43) | (22.11) | (10.86) | ||
| Attributable to: Shareholders of the Company Non ControllingInterest |
(17.23) (1.42) |
(1.90) 0.15 |
(7.55) 0.12 |
(20.63) (1.48) |
(11.22) 0.36 |
||
| 12 | Total Comprehensive Income for the period (10+11) | 235.70 | 357.49 | 300.01 | 1184.65 | 1115.27 | |
| Attributable to: Shareholders of the Company NonControllingInterest |
237.12 (1.42) |
356.59 0.90 |
298.64 1.37 |
1,186.93 (2.28) |
1,119.99 (4.72) |
||
| 13 | Paid-up Equity Share Capital (Face value of share : Re. 1/-) | 50.83 | 50.82 | 50.82 | 50.83 | 50.82 | |
| 14 | Other Equity | 6352.88 | 5542.14 | ||||
| 15 | Earnings per equity share in Rs. a) Basic b)Diluted |
@ 5.00 @ 5.00 |
@ 7.05 @ 7.05 |
@ 6.03 @ 6.02 |
23.76 23.75 |
22.26 22.24 |
@ For the period only and not annualised. See accompanying Notes to Financial Results
---- 2 ----
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CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores
| Sr. No. |
Particulars | For the Quarter ended | For the Quarter ended | For the Quarter ended | For the Year ended | For the Year ended |
|---|---|---|---|---|---|---|
| 31.03.2022 | 31.12.2021 | 31.03.2021 | 31.03.2022 | 31.03.2021 | ||
| Unaudited | Unaudited | Unaudited | Audited | Audited | ||
| 1 | Segment Revenue a) Consumer & Bazaar b) Business to Business c) Others Total Less : Inter Segment Revenue |
1913.23 645.28 18.77 |
2264.52 618.64 20.46 |
1730.27 535.01 17.39 |
7794.41 2278.32 63.70 |
5808.88 1575.40 38.53 |
| 2577.28 70.18 |
2903.62 52.90 |
2282.67 47.15 |
10136.43 215.47 |
7422.81 130.10 |
||
| Revenue from Operations | 2507.10 | 2850.72 | 2235.52 | 9920.96 | 7292.71 | |
| 2 | Segment Results a) Consumer & Bazaar b) Business to Business c) Others Total Less : i) Finance Costs ii) Other Unallocable Expenditure net of Unallocable Income Add: Share ofprofit of associates andjoint venture |
417.70 44.41 (0.82) |
562.88 40.00 (1.16) |
469.22 52.41 1.40 |
1933.70 152.70 (2.16) |
1773.63 118.13 (1.84) |
| 461.29 9.35 111.29 5.22 |
601.72 10.75 107.98 3.73 |
523.03 7.44 102.10 1.32 |
2084.24 42.08 440.26 11.88 |
1889.92 37.23 330.56 3.98 |
||
| Profit Before Exceptional Item and Tax | 345.87 | 486.72 | 414.81 | 1613.78 | 1526.11 | |
| Exceptional Items | - | - | 3.62 | - | 3.62 | |
| Profit before tax | 345.87 | 486.72 | 411.19 | 1613.78 | 1522.49 | |
| 3 | Segment Assets a) Consumer & Bazaar b) Business to Business c) Others d)Unallocated |
6804.00 1850.86 11.74 849.02 |
6831.64 1801.48 14.81 781.28 |
6353.49 1565.54 20.53 890.86 |
6804.00 1850.86 11.74 849.02 |
6353.49 1565.54 20.53 890.86 |
| Total Segment Assets | 9515.62 | 9429.21 | 8830.42 | 9515.62 | 8830.42 | |
| 4 | Segment Liabilities a) Consumer & Bazaar b) Business to Business c) Others d)Unallocated |
1699.18 974.19 1.00 238.64 |
1804.47 910.64 1.84 351.08 |
1653.18 837.44 1.74 505.06 |
1699.18 974.19 1.00 238.64 |
1653.18 837.44 1.74 505.06 |
| Total Segment Liabilities | 2913.01 | 3068.03 | 2997.42 | 2913.01 | 2997.42 |
Consumer & Bazaar segment segment (C&B) 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. Business to Business (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.
---3---
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2022
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| CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2022 | |||
|---|---|---|---|
| Rs Crores | |||
| Sr No | Particulars | As at 31.03.2022 Audited |
As at 31.03.2021 Audited |
| A 1 |
ASSETS Non Current Assets (a) Property, Plant and Equipment (b) Right of Use Assets (c) Capital Work-In-Progress (d) Goodwill (e) Other Intangible Assets (f) Investments accounted for using equity method (g) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets (h) Income Tax Assets (net) (i) Deferred Tax Assets (net) (j) Other Non-current Assets |
1,554.86 202.93 225.42 1,286.83 1,658.64 60.66 224.43 5.05 64.45 140.08 21.28 55.38 |
1,285.03 157.81 293.87 1,283.95 1,691.13 32.47 307.04 4.85 51.06 97.12 16.59 94.13 |
| Total Non Current Assets | 5,500.01 | 5,315.05 | |
| 2 | Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other Financial Assets (c) Current Tax Assets (net) (d) Other Current Assets |
1,695.09 173.52 1,430.54 352.07 3.10 17.22 86.01 2.95 255.11 |
1,234.15 176.46 1,321.02 442.65 8.81 16.89 85.26 3.13 227.00 |
| Total Current Assets | 4,015.61 | 3,515.37 | |
| TOTAL ASSETS | 9,515.62 | 8,830.42 | |
| B | EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity |
50.83 6,352.88 |
50.82 5,542.14 |
| Equity attributable to owners of the Company | 6,403.71 | 5,592.96 | |
| Non-Controlling Interests | 198.90 | 240.04 | |
| Total Equity | 6,602.61 | 5,833.00 | |
| 1 | LIABILITIES Non-Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities(net) |
1.72 96.04 19.94 71.83 398.45 |
12.39 80.68 13.63 57.98 398.03 |
| Total Non-Current Liabilities | 587.98 | 562.71 | |
| 2 | Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade Payables - Total Outstanding Dues of Micro Enterprises and Small Enterprises - Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises (iii) Lease Liabilities (iv) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities(net) |
285.62 89.50 959.79 32.45 780.32 120.92 42.69 13.74 |
201.51 86.03 920.71 27.71 1,034.04 114.73 24.96 25.02 |
| Total Current Liabilities | 2,325.03 | 2,434.71 | |
| Total Liabilities | 2,913.01 | 2,997.42 | |
| TOTAL EQUITY AND LIABILITIES | 9,515.62 | 8,830.42 |
---4---
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31.03.2022
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Rs Crores
| Rs Crores | Rs Crores | |
|---|---|---|
| For the Year ended | ||
| Particulars | 31.03.2022 Audited |
31.03.2021 Audited |
| A] Cash Flows from Operating Activities Profit before tax Adjustments for: Share of profit from Associates Finance costs recognised in Statement of Profit and Loss Interest income recognised in Statement of Profit and Loss Dividend income recognised in Statement of Profit and Loss Dividend from Associate Exceptional Item - Impairment in value of Investments Loss on disposal of Property, Plant and Equipment Net gain arising on financial assets designated at FVTPL Allowance for Doubtful Debts Depreciation, Amortisation and Impairment Expense Unrealised Foreign Exchange Gain (Net) Provision for Employee Benefits Provision / (Write back) of Warranties and Others Expense recognised in respect of Equity-Settled Share-Based Payments Operating profits before Working Capital changes Movements in Working Capital: (Increase)/Decrease in Operating Assets Trade Receivables Inventories Non-Current Loans Current Loans Other Non-Current Financial Assets Other Current Financial Assets Other Non-Current Non Financial Assets Other Current Non Financial Assets Increase/(Decrease) in Operating Liabilities Trade Payables Other Current Financial Liabilities Other Non-Current Financial Liabilities Other Current Non Financial Liabilities Cash generated from Operations Taxes paid (net of refunds) Net Cash generated from Operating Activities [A] B] Cash Flows from Investing Activities Payments to purchase Investments Proceeds on sale of Investments Payments for business acquisitions Decrease / (Increase) in Bank Deposits (Increase) / Decrease in Other Bank Balances Interest received Dividend received Net cash used in Investing Activities [B] C] Cash Flows from Financing Activities Proceeds from issue of Equity Instruments of the Company Payment of Lease Liabilities Net Increase in Current Borrowings Net Decrease in Non-Current Borrowings Payment from Share Capital issued to Minority (net) Dividend paid on Equity Shares (including tax thereon) Interest paid Net cash used in Financing Activities [C] Net decrease in Cash and Cash Equivalents[A+B+C] Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & |
1,613.78 (11.88) 42.08 (4.58) (1.22) 2.80 - 9.12 (11.93) 16.73 239.61 (13.56) 16.00 2.70 28.09 |
1,522.49 (3.98) 37.23 (16.84) (1.13) 1.79 3.62 5.73 (40.26) 11.01 200.66 (9.01) 8.09 (0.35) 17.24 |
| 1,927.74 | 1,736.29 | |
| (122.71) (460.18) (0.20) (0.33) (10.63) (0.75) 6.89 (28.11) 75.96 17.19 6.31 6.19 |
(175.88) (278.70) (0.76) 0.49 (0.19) 17.94 (4.20) (29.20) 354.61 147.68 6.37 (11.41) |
|
| 1,417.37 | 1,763.03 | |
| (462.00) | (370.91) | |
| 955.37 | 1,392.12 | |
| (374.74) 0.77 (100.95) 170.24 (262.21) 3.07 (0.12) 4.58 1.22 |
(353.76) 1.76 (2931.95) 3638.81 (2056.86) (4.75) 0.89 16.84 1.13 |
|
| (558.14) | (1,687.89) | |
| 0.01 (48.68) 102.71 (18.13) (38.86) (431.85) (33.16) |
0.01 (33.93) 27.93 (11.13) (29.11) (0.69) (29.32) |
|
| (467.96) | (76.24) | |
| (70.73) | (372.00) | |
| Cash and Cash Equivalents at the beginning of the year Unrealised (loss)/gain on foreign currency cash and cash equivalents Cash and Cash Equivalents at the beginning of the year Cash and Cash Equivalents at the end of the year Unrealised loss on foreign currency cash and cash equivalents Cash acquired on Business Combination Cash and Cash Equivalents at the end of the year Net decrease in Cash and Cash Equivalents |
327.20 (0.05) |
606.37 0.18 |
| 327.15 | 606.55 | |
| 256.47 (0.05) - |
327.20 (0.05) (92.60) |
|
| 256.42 | 234.55 | |
| (70.73) | (372.00) | |
| Notes: The above Cash Flow Statement has been prepared under the 'Indirect Method' as set ou of Cash Flows. |
t in the Indian Accounting Standard (IND AS 7) - Statement | |
| Cash and Cash Equivalents comprises of Cash and cash equivalents Less: - Bank overdrafts |
As at 31.03.2022 | As at 31.03.2021 |
| 352.07 95.60 |
442.65 115.45 |
|
| 256.47 | 327.20 |
---- 5 ----
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Notes to the Consolidated 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 18th May 2022.
-
The above results comprise the results of Pidilite Industries Ltd. (Parent Company), 34 subsidiary companies (including one partnership firms), (Parent Company and it's subsidiaries together referred as "the Group") three Associate Companies and one Joint Venture. The Statutory auditors have performed audit of the consolidated financial results for the year ended 31st March 2022 and limited review of financial results for the quarter ended 31st March 2022 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.
-
The Parent Company has allotted 1,22,785 equity shares on 8th March 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company, to whom the options were granted.
-
The Parent Company granted options of 2,500 equity shares on 11th March 2022 and 330 equity shares on 18th May 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company.
-
Subject to the approval of the shareholders at the Annual General Meeting, the Board recommended payment of Dividend of Rs. 10.00 per equity share of Re. 1/- each for the financial year ended 31st March 2022.
-
During the year, 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 (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed date 1st April 2022.
-
The figures for the quarter ended 31st March 2022 and 31st March 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year
-
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 Dated : 18th May 2022
BHARAT PURI
Managing Director DIN: 02173566
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Q4’ FY 22 Earnings Presentation
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OUR BRANDS
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DISCLAIMER
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This presentation may contain statements which reflect the management’s current views and estimates and could be construed as forward looking statements.
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.
03
MARKET OUTLOOK
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-
The quarter witnessed unprecedented inflation in key raw materials impacting consumer demand.
-
The inflationary trend is expected to continue in near term which will be mitigated by calibrated pricing actions and effective cost management actions.
-
Despite near term concerns around significant inflation and the impact of this on market growth, we are confident of the medium to long-term prospects of the home improvement sector and remain committed on delivering consistent and profitable volume led growth.
-
We continue to focus on digital initiatives, innovation and building a resilient and agile supply chain.
03
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FINANCIAL HIGHLIGHTS
EARNINGS SUMMARY FY’22 NET SALES EBITDA PBT PAT CONSOLIDATED Rs. 9,880 Cr Rs. 1,869 Cr Rs. 1,614 Cr Rs. 1,207 Cr YOY GROWTH 36.3% 11.1% 5.7% 7.2% STAND ALONE Rs. 8,298 Cr Rs. 1,612 Cr Rs. 1,627 Cr Rs. 1,269 Cr YOY GROWTH 34.1% 4.0% 11.7% # 17.3% #
- EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items. # Excluding dividend from subsidiary: PBT Growth: -1.5% and PAT Growth: -0.5%
EARNINGS SUMMARY
Q4’ FY22
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NET SALES EBITDA PBT PAT
CONSOLIDATED
Rs. 2,498 Cr Rs. 412 Cr Rs. 346 Cr Rs. 254 Cr
YOY GROWTH 12.0% -10.5% -16.6% -17.2%
STAND ALONE Rs. 2,075 Cr Rs. 346 Cr Rs. 397 Cr Rs. 318 Cr
YOY GROWTH 12.1% -15.2% 5.6%# 15.1%#
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-
EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items.
-
Excluding dividend from subsidiary: PBT Growth: -ve 20.0% and PAT Growth: -ve 19.7%
PERFORMANCE OVERVIEW
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-
Current a robust sales aided volume across and year registered growth by strong growth categories
-
geographies. Growth was broad based across C&B and B2B segments with both the segments reporting volume growths of over twenty percent each.
-
Quarter witnessed price led growth with volumes remain subdued on account of the pandemic and persistent inflation impacting consumer demand over previous year higher base.
-
The inflationary trend continued in this quarter also adversely impacting margins; adequate investment was done in our brands.
-
Domestic C&B subsidiaries reported good sales growth. The sales growth in B2B subsidiaries are showing signs of revival but EBITDA remained under pressure due to higher input costs.
-
International subsidiaries registered moderate sales growth amidst high inflation and currency devaluation. Subsidiaries in Asia continued the growth momentum; Africa reported modest sales growth; Americas declined on a higher previous year base. Margins continued to remain under pressure due to higher input cost.
03
OVERSEAS SUBSIDIARIES PERFORMANCE FY’22
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(in INR Crores)
Asia
Sales
293.5
220.0
Americas
EBITDA
Sales
246.9 224.0 35.9 45.7
EBITDA
Middle East and Africa
42.6 #
9.7
Sales EBITDA
207.9
156.4
-5.9 -3.3
# Including tax gain of Rs 9.5 Cr in FY’21.
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-
Amounts are like for like actual reported numbers excluding translations and other consolidation impacts
-
Amounts in ‘ bold ‘ denotes CY
9
OVERSEAS SUBSIDIARIES PERFORMANCE Q4’ FY22
(in INR Crores)
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Asia
Sales
82.5
68.1
Americas
EBITDA
Sales
57.1 53.6 12.5
9.1
Middle East and Africa
EBITDA
1.7
Sales EBITDA
55.4
48.8
-2.4
-1.4
-1.5
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-
Amounts are like for like actual reported numbers excluding translations and other consolidation impacts
-
• Amounts in ‘ bold ‘ denotes CY
10
DOMESTIC SUBSIDIARIES PERFORMANCE FY22
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INR (Rs in Crore)
600 495.7
500
400 258.6 272.1
300 176.6 178.2 168.3
126.8
200 89.7
41.9
100 30.9
0
Nina Percept Pvt Ltd ICA Pidilite Pvt Ltd Cipy Polyurethane Pvt Pidilite Adhesives Pvt Others
Ltd Ltd
FY'21 FY'22
200 160.9
160
120
60.3
80 41.0
40 25.2 1.6 12.3 2.7 1.3
-40 [0]
-26.9 -25.4
Nina Percept Pvt Ltd ICA Pidilite Pvt Ltd Cipy Polyurethane Pvt Pidilite Adhesives Pvt Others
Ltd Ltd
FY'21 FY'22
NET SALES
EBITDA
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*During the year, 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 (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed date 1st April 2022. As a result of merger being an event happening after balance sheet date, no effect of merger given in the financial results.
EBITDA is before exception items. Figures are reported excluding other consolidation impacts.
DOMESTIC SUBSIDIARIES PERFORMANCE Q4’FY22
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INR (Rs in Crore)
160 139.1
109.6
120 72.1 84.0 78.4
61.5
80 33.1 33.0
13.3
40 12.1
0
Nina Percept Pvt Ltd ICA Pidilite Pvt Ltd Cipy Polyurethane Pvt Pidilite Adhesives Pvt Others
Ltd Ltd
Q4 FY 21 Q4 FY 22
43.2
50 34.3
30 12.6
6.3 4.8 2.8 0.5 0.0
10
-10
-3.9 -2.4
Nina Percept Pvt Ltd ICA Pidilite Pvt Ltd Cipy Polyurethane Pvt Pidilite Adhesives Pvt Others
Ltd Ltd
Q4 FY 21 Q4 FY 22
NET SALES
EBITDA
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*During the year, 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 (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed date 1st April 2022. As a result of merger being an event happening after balance sheet date, no effect of merger given in the financial results.
EBITDA is before exception items. Figures are reported excluding other consolidation impacts.
A COMPANY AT GLANCE
Brand established Adhesives & sealants, in 1959 construction Pioneer in chemicals, art & craft Consumer & products & polymer Specialty emulsions Chemicals
International manufacturing facilities in USA, Thailand, Dubai, Brazil, Egypt, Bangladesh, Sri Lanka & Kenya
9 Regional offices
26 plants
29 co-makers in India
Rs 725 Cr revenue from overseas subsidiaries in FY 22
7500+ employees
History of creating strong brands
Exporter of Pigments and Pigment emulsions to emerging markets as well as Europe and North America
Among the most trusted brands in the country. Other big brands include M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Araldite, Araldite Karpenter and Araseal.
3 R&D centres in India.
1 in Singapore
1 in USA
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100% of our employees have been vaccinated with 1[st] dose and 96.3% with 2[nd] dose.
INDUSTRY SEGMENT COMPOSITION
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6.0%
7.2% Pigment &
Industrial Resins, Preparations
Construction chemicals
(Project) etc.
0.7%
Others
6.5%
Industrial
Adhesives
5.9%
Art & Craft
Materials etc.
53.4% 79.6%
Adhesives & Consumer &
Bazaar products
20.3% Sealants
Construction &
19.7%
Paint Chemicals
Business to Business
products
0.7%
Others
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Standalone Results - % of Total Sales based on FY 2021-22
5-Year Performance by Business Segments
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Numbers represent Percentage of Total Sales
Consumer and Bazaar (C&B)
Business to Business (B2B) B2B includes Others also
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81%
81%
80% 80%
80%
79%
79%
77%
75%
2017-18 2018-19 2019-20 2020-21 2021-22
Consumer & Bazaar Products
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21%
21%
20% 20%
20%
19%
19%
17%
15%
2017-18 2018-19 2019-20 2020-21 2021-22
Business to Business and others
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DOMESTIC PRESENCE INDIA OPERATIONS
6,000+ SKUs of 600+ products
Domestic Revenue of Rs. 7,461 Cr for FY22
26 plants, 29 Co-makers
4,800+ distributors
43 warehouses
9 regional offices & 3 RDCs
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SHARE HOLDING PATTERN- 31 March 2022
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Promoters 14.49% Mutual Funds FPIs Others 11.57% 4.00% 69.94%
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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
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CELEBRATING OCCASSIONS- DIGITAL WAY
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SHARE PRICE MOVEMENT
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160
150
140
130
120
110
100
90
80
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Pidilite Sensex
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Rebased to 100
CONSISTENT DIVIDEND PAYOUTS
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| 0% 10% 20% 30% 40% 50% |
33.8% 38.1% 40.6% 36.9% 39.9% FY17 FY18 FY19 FY20 FY21 |
|---|---|
FY 22: The Board of Directors have proposed a final dividend of Rs. 10 Per share, subject to approval of shareholders at the AGM.
Note: The Net Profit considered for above calculation is excluding exceptional items
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CIN : L24100MH1969PLC014336
Investor Relations [email protected]
Manisha Shetty [Company Secretary]
Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (E), Mumbai - 400 059. Phone : +91 22 28357949 Fax : +91 22 28216007
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