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Pidilite: in search of elusive growth

Oct 28, 1999

Pigments and adhesives major Pidilite has recorded an average performance in the second quarter ended September 30, 1999. Net profit declined by a shade to Rs 122 m. Turnover growth was a marginal 3% to Rs 1,089 m. The company's chemicals business has been a drag on its profit growth.

(Rs m) 2QFY2000 2QFY1999 Change
Net Sales 1,089 1,065 2.2%
Other Income 16 17 -3.0%
Expenditure 716 682 5.1%
Interest 12 19 -40.1%
Depreciation 26 24 6.7%
Profit before Tax 182 177 2.9%
Tax 60 54 11.5%
Profit after Tax 122 123 -0.8%
Net profit margin 11.2% 11.5%  

Pidilite, which is widely known for its 'Fevicol' adhesive range is in a restructuring mode. The company is focusing on branding and moving away from commodity adhesives. It plans to hive off its low margin speciality chemicals businesses into joint ventures. The company is refurbishing its portfolio to earn higher margins and increase overall profitability.

But the effects of this strategy are not reflected in its second quarter results. The company is likely to put in a better performance once this restructuring exercise is complete. With the exit from low margin commodity businesses and build up in its brand portfolio, the company's bottom line will be in the growth mode.

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