Pidilite Industries shares rise 5% post Q3 earnings; check details

Shares of Pidilite Industries Ltd gained 5% in early trade today after the company reported a 66% rise in consolidated net profit in Q3 from the year-ago period. Net profit rose to Rs 511 crore in the December 2023 quarter against Rs 307.64 crore in the December 2022 quarter. Consolidated revenue from operations climbed 4.4 percent to Rs 3,129.99 crore, the Fevicol maker said in an exchange filing on January 23. Revenue stood at Rs 2,997 crore in the year-ago period.

pidilitind-share-price-362132">Pidilite Industries shares gained 5.52% to Rs 2662.15 against the previous close of Rs 2522.75 on BSE. Market cap of the firm rose to Rs 1.31 lakh crore.

The stock opened higher at Rs 2636.05. Pidilite Industries stock has lost 4% this year and risen 8.71% in the last one year. Total 3.63 lakh shares of the firm changed hands amounting to a turnover of Rs 92.87 crore on BSE.

The stock has a beta of 0.3, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Pidilite Industries stock stands at 32, signaling it's trading neither in the overbought nor in the oversold zone. Pidilite Industries stock is trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, and higher than the 100 day, 150 day and 200 day moving averages

Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of the fevicol maker rose 50% to Rs 742 crore in Q3 on a year-on-year basis. EBITDA margins of the firm climbed 776 basis points YoY in Q3FY24.

The revenue growth was led by a strong underlying volume growth of 10 percent across categories and geographies, said the company. "This growth was broad based across consumer and bazaar segment and business to business segments with both segments reporting a double digit underlying volume growth.

Urban and rural markets grew with rural and small town markets outpacing urban growth, said the company. A part of the moderation in input prices were passed on by way of pricing adjustments to the customers said Pidilite Industries.

"We continue to remain optimistic about market demand in the near term, with increased government spending and the overall improvement in construction activities. We remain committed to deliver volume led profitable growth via investment in our brands, supply chain, digital infrastructure, innovation and customer facing initiatives," said Bharat Puri, managing director of Pidilite Industries.

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