Revenue from operations stood at 1937 crores displaying an upward momentum of 121% YOY from 878 crores & a downtrend of 13% QOQ. YOY growth no is higher due to lower base. Volume & Product Mix also contributed to growth
EBITDA stood at 354 crores with an upward juncture of 312% from 86 crores YOY & a degrowth of 26% Sequentially
EBITDA margin stood at 18%, displaying a growth of 8% YOY & a degrowth of 3% QOQ. Sequential Margins suffered due to better inventory management in Q4
PAT showed a growth of 715% YOY from 27 crores & stood at 220 crores, displaying a degrowth of 28% QOQ.
PAT margin also stood at 11% with a growth of 8% YOY & a degrowth of 3% sequentially. Finance Cost was higher sequentially as well taking a toll of margins.
Consumer & Bazaar
This segment contributed 75% to revenue, with sales of around 1486 crores a growth of 112% YOY & degrowth of around 14 QOQ
Contribution to EBIT stood at 370 crores, which is 89% of total EBIT
Business to Business
This segment contributed 24.5% to revenue, with sales of around 482 crores a growth of 156% YOY & degrowth of around 10 QOQ
Contribution to EBIT stood at 42 crores, which is 10% of total EBIT
Overseas subsidiaries continued its positive momentum and reported high double-digit constant currency revenue growth as well as strong earnings growth.
Domestic subsidiaries suffered as a consequence of the lockdown in May, we have seen a sustained recovery in demand from June onwards.
Middle East & Africa: Revenue:48 Crores , EBITDA:-0.6 Crores
Asia:Revenue:68 Crores , EBITDA:13 Crores
Sales in southern markets remain impacted due to lockdown in Q1. However, there was an uptick in demand from June 2021 across the regions post ease in lockdown restrictions
Tier II, Tier III cities are doing well with sales growth in semi urban near pre Covid levels. Focus will be on driving volumes and increasing profitability
Management estimates revival in real estate will be a big positive for the company
The company’s market share remains at 65-70% in the epoxy adhesive category followed by 20-25% of Astral
The price hike of ~4-6% covered ~70% of raw material inflation.
Spot price of VAM(Vinyl Acetate Monomer) is hovering at US$1400-1500/tonne from average consumption cost of US$1610 in Q1FY22 (vs. US$1200 in Q4FY21, US$890 in Q1FY21). The management expects VAM prices to peak out from H2FY22 and come down to their normal level of US$800-900 /tonne
The management reiterated margin guidance of 22-24%. Pidilite will command a brand premium of 15-20% over other brands
The management has indicated capex of 4-6% of total revenue Capex will be focused towards improving supply chain and building a robust distribution network
Final dividend of Rs. 8.5 Per share approved by shareholders at the AGM held on 11 August 21
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