Leading manufacturer of adhesives, sealants and construction chemicals, Pidilite Industries has announced standalone Q2 2020-21 net sales at Rs. 1,620 crore, showing a growth of 4% over the same period last year.

This sales was driven by 7.4% growth in sales volume and mix of C&B and 7.2% decline in sales volume and mix of B2B. Net sales for the half year ended stood at Rs. 2,388 crore and declined by 28% over the same period last year.

EBITDA before non-operating income at Rs. 473 crore grew by 35% over the same quarter last year on account of lower input cost and A&SP spends. EBITDA for the half year ended stood at Rs. 570 crore and declined by 26% over the same period last year.

PAT at Rs. 339 crore grew by 5% over the same quarter last year due to tax reversal in the prior year with reduction in corporate tax rate (on a like to like basis PAT grew by 27%). For the half year ended, PAT at Rs. 396 crore declined by 35% (on a like to like basis PAT declined by 32%).

“This quarter saw steadily improving demand conditions each month. Consumer and Bazaar businesses grew volumes aided by strong growth in the rural and semi urban areas. B2B businesses as well as the metros, while improving sequentially have still to reach pre-covid levels. Our profitability was aided by benign input costs as well as strong cost optimisation measures. While we are seeing signs of input costs hardening, we remain cautiously optimistic on steadily improving demand recovery. Our focus would be to continually drive volume growth via investment in our brands, in sales and distribution and in consumer relevant innovation,” Bharat Puri, Managing Director, Pidilite Industries, said.

Growth was healthy in construction chemicals and DIY products. The B2B segment continued to face headwinds, however it showed signs of recovery in the latter part of the quarter. International subsidiaries have reported healthy double-digit constant currency growth. Domestic subsidiaries continued to witness challenging business conditions. However, performance has continued to improve sequentially during the quarter.