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News Topical, Digital Desk : Pidilite, a specialty chemicals company listed on the BSE 500, has released its second-quarter results. Profit increased by more than 8 percent but fell below expectations. Revenue increased 10 percent year-over-year and beat expectations. EBITDA increased by more than 10 percent and was in line with estimates. The company's margins continued to grow modestly, but the market expected better margins. The stock closed with a gain of more than 1 percent on the BSE on Thursday.
Pidilite Industries Ltd. has released its Q2 results for the July–September quarter. Consolidated net profit increased 8.2% year-on-year to ₹584.6 crore, compared to ₹540.3 crore in the same period last year. However, this figure was slightly below the CNBC-TV18 poll estimate of ₹608 crore.
What Management Said: Sudhanshu Vats, Managing Director of the company, said, "Pidilite recorded double-digit volume growth and strong operating margins despite the challenging economic environment." He further stated that the company expects demand to improve, supported by a good monsoon, benefits from GST 2.0, and continued growth in the construction sector. Vats also added that the domestic business environment is likely to improve, although the company will closely monitor global uncertainties that could impact the supply chain. Prior to the results announcement, Pidilite Industries Ltd. shares fell 1.35% to close at ₹1,487 on the NSE.
Read More: Swiggy Q2 Results: Losses widen but earnings jump sharply, revenue rises by Rs 1,960 crore
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