Pidilite Industries Ltd. reported a 9.66% increase in consolidated net profit at Rs 356.44 crore for the September quarter.
The company, a leading manufacturer of adhesives, sealants and construction chemicals, had posted a profit of Rs 325.04 crore in the July-September period a year ago.
Revenue from operations rose 4.08% at Rs 1,880.33 crore during the quarter under review, as against Rs 1,806.58 crore in the year-ago period, it said in a regulatory filing.
"Profit after tax at Rs 357 crore grew by 10% over the same quarter last year due to tax reversal in the prior year with reduction in corporate tax rate (on like to like basis profit grew by 34%)," Pidilite Industries said in a post-earnings statement.
Total expenses were at Rs 1,424.23 crore, as against Rs 1,486.85 crore earlier, down 4.21%.
"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," Pidilite Industries Managing Director Bharat Puri said.
"Our profitability was aided by benign input costs as well as strong cost optimisation measures," he added.
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