The earnings before interest, taxes, depreciation and amortization (EBITDA), before non-operating income stood at Rs 321 crore for the quarter and declined by 19 per cent over same quarter last year
Indian manufacturer of adhesives and sealants Pidilite Industries Ltd has reported 17 per cent decline in its consolidated net profit after tax for the first quarter ended 30 June, 2017 and stood at Rs 227 crore.
The Mumbai based company’s consolidated gross sales, for the quarter stood at Rs 1,662 crore, thereby recording a year-on-year decrease of 1 per cent, said the manufacturer in an official statement released on Wednesday (26 June).
The earnings before interest, taxes, depreciation and amortization (EBITDA), before non-operating income stood at Rs 321 crore for the quarter and declined by 19 per cent over same quarter last year.
Standalone net profit after tax at Rs 217 crore dropped 20 per cent over same quarter last year. However, its gross sales at Rs 1,479 Cr was similar to the same quarter last year with underlying volume and mix being largely constant.
EBITDA, before non-operating income, at Rs 306 crore is lower by 21 per cent over the same quarter last year.
Bharat Puri, Managing Director, Pidilite Industries Ltd, said, “This quarter saw the announcement of the launch of GST, a welcome tax reform for the country. Performance in this quarter was impacted by the short-term challenges of transition to GST largely as a result of destocking by customers in June as well as an upward trend in some key raw material prices.”
“We continued to invest in our brands, people and manufacturing facilities as we remain positive on the medium-term outlook for the industry.”