PIDILITE INDUSTRIES Announces Quarterly Results (2QFY19); Net Profit Down 8.6%

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PIDILITE INDUSTRIES Announces Quarterly Results (2QFY19); Net Profit Down 8.6%
Tue, 6 Nov

PIDILITE INDUSTRIES has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

PIDILITE INDUSTRIES Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m15,29918,34117,574-4.2%14.9%
Other incomeRs m337321276-14.0%-17.9%
TurnoverRs m15,63518,66217,851-4.3%14.2%
ExpensesRs m11,53814,52413,926-4.1%20.7%
Gross profitRs m3,7723,8173,642-4.6%-3.4%
DepreciationRs m2963013164.9%6.7%
InterestRs m397360-17.2%55.6%
Profit before taxRs m3,7743,7643,542-5.9%-6.1%
TaxRs m1,2451,3611,230-9.6%-1.1%
Profit after taxRs m2,5292,4042,312-3.8%-8.6%
Gross profit margin%24.720.820.7
Effective tax rate%33.036.134.7
Net profit margin%16.212.913.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 14.9% on a year-on-year (YoY) basis. The expenses were up by 20.7% YoY during the same period.
  • The company's operating profit declined by 3.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 20.7% in 2QFY19 as against 24.7% in 2QFY18.
  • Depreciation charges increased by 6.7% and finance costs increased by 55.6% YoY, respectively.
  • Other income declined by 17.9% YoY during the quarter.
  • Net profit for the quarter declined by 8.6% YoY. Net profit margins during the quarter declined from 16.2% in 2QFY18 to 13.0% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 4.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 4.1% QoQ during the same period.
  • The company's operating profit declined by 4.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 20.7% in 2QFY19 as against 20.8% in 1QFY18.
  • Net profit for the quarter declined by 3.8% QoQ, while net profit margins increased from 12.9% in 1QFY18 to 13.0% in 2QFY19.

To see how PIDILITE INDUSTRIES has performed over the last eight quarters, please visit here.

PIDILITE INDUSTRIES Share Price Performance

Over the last one year, PIDILITE INDUSTRIES share price has moved up from Rs 763.8 to Rs 1,007.3, registering a Gain of Rs 243.5 or around 31.9%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,134.1 (down 0.5%). Over the last one year it has moved up from 10,329.8 to 11,134.1, a gain of 804 points (up 7.8%).

Overall, the S&P BSE SENSEX is up 4.2% over the year.

Current Valuations

At the current price of Rs 1,007.3, the price to earnings (P/E) ratio of PIDILITE INDUSTRIES stands at 53.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 14.4 times.

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