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Pidilite: Onetime expenses drag down profits
May 23, 2011

Pidilite Industries has announced its fourth quarter results for financial year 2010-2011 (4QFY11). The company has reported a 24.5% YoY growth in sales and a 46.8% fall in net profits. Here is our analysis of the results.

Performance summary
  • Net sales grew by 24.5% YoY during 4QFY11. This is led by strong demand in the consumer & bazaar products and industrial products segments.
  • Operating (EBITDA) margins fell as a result of higher raw material costs partially offset by fall in staff costs. (both as a percentage of sales).
  • Net profits fell by 46.8% YoY. This was due to write off in value of subsidiary and higher effective tax rate partially offset by foreign exchange gain, rise in other income and fall in interest costs.
  • Net profit for FY11 grew by 5% YoY while net profit margin fell by 2% to stand at 12.8%. This was slower than operating income growth and was a result of write off in value of subsidiary and higher effective tax rates partially offset by growth in other income, fall in interest costs and in depreciation costs. Effective tax increased by 10.4% to stand at 22.1% for the quarter. Other income more than doubled during the quarter while interest costs fell by 6.2% YoY. Depreciation expenses fell by 8.3% YoY.

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