18th May, 2022

The Secretary The Secretary

BSE Ltd. National Stock Exchange of India Ltd.
Corporate Relationship Dept., Exchange Plaza, Plot no. C/1, G Block,
14th floor, P. J. Tower, Bandra-Kurla Complex,
Dalal Street, Fort Bandra (E),
Mumbai - 400 001 Mumbai - 400 051
Stock Code – 500331 Stock Code - PIDILITIND
Dear Sir,
Sub: Outcome of Board Meeting
Audited Financial Results (Standalone and Consolidated) for the year ended 31st March, 2022
--------------------------------------------------------------------------------------------------------------------------------------------
We wish to inform that the Board of Directors of the Company, at its meeting held today has inter-alia,
approved the Audited Financial Results (Standalone and Consolidated) for the year ended 31st March,
2022.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (Listing Regulations), we enclose the following:

1) Statements showing the Audited Financial and Segment wise Results (Standalone and
Consolidated) for the quarter and year ended 31st March, 2022, alongwith Statement of Assets
and Liabilities and Cash flow statement as at year ended 31st March, 2022 (Standalone and
Consolidated);
2) Auditor’s Report on the Audited Financial Results-Standalone and Consolidated

This is to inform that the Statutory Auditors, M/s Deloitte Haskins and Sells LLP, Chartered Accountants
(Firm Registration No. 117366W/W-100018), have issued an Audit Report with unmodified opinion on the
Annual Audited Financial Results of the Company (Standalone and Consolidated) for the Financial year
ended 31st March, 2022 in terms of Regulation 33 (3) (d) of the Listing Regulations.

The Board of Directors have recommended a Dividend of Rs 10/- (Rupees Ten Only) per equity share of
Re.1/- each for the financial year ended 31st March, 2022. Subject to the approval of the shareholders at
the 53rd Annual General Meeting, the dividend will be paid to the shareholders within a period of 30 days
from the date of the 53rd Annual General Meeting.

The meeting of the Board of Directors of the Company commenced at 2.30 p.m. and concluded at
7.40 p.m.

Kindly acknowledge the receipt.

Thanking You,
Yours faithfully,
For Pidilite Industries Limited

Manisha Shetty
Company Secretary
Encl: As above
Regd. Office Pidilite Industries Limited
Regent Chambers, 7th Floor
Corporate Office
Jamnalal Bajaj Marg
Ramkrishna Mandir Road
208 Nariman Point
Andheri - E, Mumbai 400059, India
Mumbai 400 021
T + 91 22 2835 7000
2835 7952 / 2835 7365
F +91 22 2830 4482
www.pidilite.com
ClN:L24100MH1969PLC014336
Deloitte Chartered Accountants
One International Center
Haskins & Sells LLP Tower 3, 27th -32nd Floor
Senapati Bapat Marg
Elphinstone Road (West)
Mumbai – 400 013
Maharashtra, India

Tele: + 91 22 6185 4000

Fax: +91 22 6185 4001

INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL STANDALONE

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

PIDILITE INDUSTRIES LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2022
and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2022
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Standalone Financial Results for the Quarter
and Year Ended 31.03.2022” of PIDILITE INDUSTRIES LIMITED (“the Company”),
(“the Statement”), being submitted by the Company pursuant to the requirements of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (“the Listing Regulations”).

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given
to us, the Standalone Financial Results for the year ended March 31, 2022:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended;
and

ii. gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the net profit and total comprehensive
income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended
March 31, 2022

With respect to the Standalone Financial Results for the quarter ended
March 31, 2022, based on our review conducted as stated in paragraph (b) of Auditor’s
Responsibilities section below nothing has come to our attention that causes us to
believe that the Standalone Financial Results for the quarter ended March 31, 2022,
prepared in accordance with the recognition and measurement principles laid down in
the Indian Accounting Standards and other accounting principles generally accepted in
India, has not disclosed the information required to be disclosed in terms of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.

Basis for Opinion on the Audited Standalone Financial Results for the year ended
March 31, 2022

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section

Regd. Office. One International Center, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India.
(LLP Identification No. AAB-8737)
Deloitte
Haskins & Sells LLP

below. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the
year ended March 31, 2022 under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the
Company’s Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2022 has been compiled from
the related audited standalone financial statements. This responsibility includes the
preparation and presentation of the Standalone Financial Results for the quarter and year
ended March 31, 2022 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standards prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of
the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Results that give a true and fair view and is free
from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for
assessing the Company’s ability, to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process
of the Company.

Auditor’s Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2022

Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results for the year ended March 31, 2022 as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the
basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:
Deloitte
Haskins & Sells LLP

• Identify and assess the risks of material misstatement of the Annual Standalone
Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal
control.

• Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the

Board of Directors in terms of the requirements specified under Regulation 33 of
the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ use of the going

concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Company to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the Statement or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the Annual Standalone
Financial Results, including the disclosures, and whether the Annual Standalone
Financial Results represent the underlying transactions and events in a manner
that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone

Financial Results of the Company to express an opinion on the Annual Standalone
Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial

Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Standalone Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Standalone Financial Results.

We communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings
including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
Deloitte
Haskins & Sells LLP

(b) Review of the Standalone Financial Results for the quarter ended March 31,
2022

We conducted our review of the Standalone Financial Results for the quarter ended
March 31, 2022 in accordance with the Standard on Review Engagements (“SRE”)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists of
making inquiries, primarily of the Company’s personnel responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with SAs specified
under section 143(10) of the Act and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.

Other Matters

 The Statement includes the results for the Quarter ended March 31, 2022 being the
balancing figure between audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial year
which were subject to limited review by us. Our report on the Statement is not
modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

N. K. Jain
(Partner)
(Membership No. 045474)
UDIN: 22045474AJERMS4735
Place: Mumbai
Date: May 18, 2022
 PIDILITE INDUSTRIES LIMITED
REGD. OFFICE : 7th Floor, Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai - 400 021
Tel No. 91 22 2835 7000 Fax : 91 22 2835 6007
Email address : [email protected] Website : www.pidilite.com CIN : L24100MH1969PLC014336

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores
Sr.
Particulars For the Quarter ended For the Year ended
No.
31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
Unaudited Unaudited Unaudited Audited Audited
1 Total Income
a) Revenue from Operations 2084.40 2416.31 1857.01 8340.17 6216.33
b) Other Income 105.46 6.47 11.86 230.37 73.49
Total Income 2189.86 2422.78 1868.87 8570.54 6289.82
2 Expenses
a) Cost of materials consumed 1169.29 1197.70 875.05 4174.20 2469.53
b) Purchases of stock-in-trade 191.88 177.56 163.27 637.16 453.99
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade (167.55) (2.40) (143.96) (214.02) (89.77)
d) Employee benefits expense 225.06 227.76 215.68 905.19 787.75
e) Finance costs 4.87 6.65 4.39 26.42 16.99
f) Depreciation, amortisation and impairment expense 45.89 44.44 39.32 175.12 147.10
g) Other expenses 323.66 337.57 339.25 1238.98 1047.15
Total Expenses 1793.10 1989.28 1493.00 6943.05 4832.74
3 Profit before exceptional items and tax (1-2) 396.76 433.50 375.87 1627.49 1457.08
4 Exceptional items - - - - 0.45
5 Profit before tax (3-4) 396.76 433.50 375.87 1627.49 1456.63
6 Tax Expense
Current tax 69.95 111.00 96.80 360.95 375.05
Deferred tax 8.65 (0.02) 2.55 (2.08) 0.12
7 Profit for the period (5-6) 318.16 322.52 276.52 1268.62 1081.46
8 Other Comprehensive Income
Items that will not be reclassified to profit or loss (4.88) (2.41) (4.69) (12.12) (0.95)
Income tax relating to items that will not be reclassified to profit or loss 1.23 0.60 1.18 3.05 0.24
9 Total Comprehensive Income for the period (7+8) 314.51 320.71 273.01 1259.55 1080.75
10 Paid-up Equity Share Capital (Face value of share : Re. 1/-) 50.83 50.82 50.82 50.83 50.82
11 Other Equity 6366.12 5510.40
12 Earnings per equity share in Rs.
a) Basic @ 6.26 @ 6.35 @ 5.44 24.96 21.28
b) Diluted @ 6.26 @ 6.34 @ 5.44 24.95 21.27
@ For the period only and not annualised.
See accompanying Notes to Financial Results
 ---- 2 ----

STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores

For the Quarter ended For the Year ended

Sr. Particulars
No. 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
Unaudited Unaudited Unaudited Audited Audited
1 Segment Revenue
a) Consumer & Bazaar Products 1599.20 1925.10 1450.97 6579.16 4998.16
b) Business to Business 523.43 511.74 420.73 1870.73 1282.73
c) Others 18.77 20.46 17.40 63.70 38.53
Total 2141.40 2457.30 1889.10 8513.59 6319.42
Less : Inter Segment Revenue 57.00 40.99 32.09 173.42 103.09
Revenue from Operations 2084.40 2416.31 1857.01 8340.17 6216.33
2 Segment Results
a) Consumer & Bazaar Products 373.53 501.85 429.46 1719.10 1658.63
b) Business to Business 46.72 50.11 60.61 193.56 167.58
c) Others (0.81) (1.17) 1.41 (2.16) (1.84)
Total 419.44 550.79 491.48 1910.50 1824.37
Less : i) Finance Costs 4.87 6.65 4.39 26.42 16.99
ii) Other Unallocable Expenditure net of
Unallocable Income 17.81 110.64 111.22 256.59 350.30
Profit Before Exceptional Item and Tax 396.76 433.50 375.87 1627.49 1457.08
Exceptional Items - - - - 0.45
Profit Before Tax 396.76 433.50 375.87 1627.49 1456.63
3 Segment Assets
a) Consumer & Bazaar Products 3257.39 3170.85 2724.66 3257.39 2724.66
b) Business to Business 1255.05 1234.58 979.15 1255.05 979.15
c) Others 11.74 14.81 20.53 11.74 20.53
d) Unallocated 3899.73 3821.23 3899.07 3899.73 3899.07
Total Segment Assets 8423.91 8241.47 7623.41 8423.91 7623.41
4 Segment Liabilities
a) Consumer & Bazaar Products 1298.59 1356.66 1208.22 1298.59 1208.22
b) Business to Business 468.73 434.81 395.70 468.73 395.70
c) Others 1.00 1.84 1.74 1.00 1.74
d) Unallocated 238.64 351.08 456.53 238.64 456.53
Total Segment Liabilities 2006.96 2144.39 2062.19 2006.96 2062.19

Consumer & Bazaar segment (C&B) covers sale of products mainly to end consumers which are retail users such as carpenters, painters, plumbers, mechanics,
households, students, offices, etc. Sale consists of mainly Adhesives, Sealants, Art and craft Materials and Construction and paint Chemicals. Business to Business
(B2B) covers sale of products to end customers which are mainly large business users. This includes Industrial Products (IP) such as adhesives, synthetic resins,
organic pigments, pigment preparations, construction chemicals (projects), surfactants, etc. Others mainly includes sale of raw materials.
 ---3---

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2022

Rs Crores
As at As at
Sr
Particulars 31.03.2022 31.03.2021
No Audited Audited
A ASSETS
1 Non Current Assets
(a) Property, Plant and Equipment 1290.01 1023.38
(b) Right of Use Assets 166.52 118.67
(c) Capital Work-In-Progress 207.34 281.5
(d) Goodwill 86.34 86.34
(e) Other Intangible Assets 189.43 194.17
(f) Financial Assets
(i) Investments 3298.70 3312.26
(ii) Loans 5.02 4.82
(iii) Other Financial Assets 18.74 15.15
(g) Income Tax Assets (net) 125.18 86.98
(h) Other Non-Current Assets 41.65 79.37
Total Non Current Assets 5428.93 5202.64
2 Current Assets
(a) Inventories 1372.70 975.94
(b) Financial Assets
(i) Investments 147.31 169.35
(ii) Trade Receivables 1157.61 999.09
(iii) Cash and Cash equivalents 116.49 109.81
(iv) Bank balances other than (iii) above 2.82 2.56
(v) Loans 17.66 16.25
(vi) Other Financial Assets 10.17 7.34
(c) Other Current Assets 170.22 140.43
Total Current Assets 2994.98 2420.77
TOTAL ASSETS 8423.91 7623.41

B EQUITY AND LIABILITIES

EQUITY
(a) Equity Share Capital 50.83 50.82
(b) Other Equity 6366.12 5510.40
Total Equity 6416.95 5561.22

LIABILITIES
1 Non-Current Liabilities
(a) Financial Liabilities
(i) Lease Liabilities 63.72 48.79
(ii) Other Financial Liabilities 19.94 13.63
(b) Provisions 54.69 45.02
(c) Deferred Tax Liabilities (net) 70.73 75.86
Total Non-Current Liabilities 209.08 183.30
2 Current Liabilities
(a) Financial Liabilities
(i) Borrowings 105.00 55.00
(ii) Trade Payables
- Total Outstanding Dues of Micro Enterprises and Small Enterprises 58.88 67.04
- Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises 791.88 726.78
(iii) Lease Liabilities 25.55 18.54
(iv) Other Financial Liabilities 694.44 900.44
(b) Other Current Liabilities 80.32 72.66
(c) Provisions 33.89 16.48
(d) Current Tax Liabilities (net) 7.92 21.95
Total Current Liabilities 1797.88 1878.89
Total Liabilities 2006.96 2062.19
TOTAL EQUITY AND LIABILITIES 8423.91 7623.41
 ---4---

STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31.03.2022

Rs Crores
For the Year ended
31.03.2022 31.03.2021
Particulars
Audited Audited
A] Cash Flows from Operating Activities
Profit before tax 1627.49 1456.63
Adjustments for:
Finance costs recognised in Statement of Profit and Loss 26.42 16.99
Interest income recognised in Statement of Profit and Loss (0.58) (12.78)
Dividend income recognised in Statement of Profit and Loss (196.41) (2.78)
Loss on disposal of Property, Plant and Equipment 8.19 5.85
Net gain arising on financial assets designated at FVTPL (11.19) (39.99)
Allowance for Doubtful Debts and Advances (net) 0.40 3.73
Exceptional Item - Impairment in value of Investments - 0.45
Depreciation, Amortisation and Impairment Expense 175.12 147.10
Unrealised foreign exchange loss/ gain (net) 3.90 (1.88)
Provision for Employee Benefits 14.96 7.89
Profit on buyback of shares (1.11) -
Expense recognised in respect of Equity-Settled Share-Based Payments 28.09 17.28
Operating profits before Working Capital changes 1675.28 1598.49

Movements in Working Capital:

(Increase)/Decrease in Operating Assets
Trade Receivables (160.41) (200.06)
Inventories (396.76) (240.47)
Non-Current Loans (0.20) (0.78)
Current Loans (1.41) (7.87)
Other Non-Current Financial Assets (3.59) 0.02
Other Current Financial Assets (2.83) 0.89
Other Non-Current Non Financial Assets (20.87) (27.80)
Other Current Non Financial Assets (29.79) 13.39
Increase/(Decrease) in Operating Liabilities
Trade Payables 54.91 296.34
Other Current Financial Liabilities 49.27 121.42
Other Non-Current Financial Liabilities 6.31 6.37
Other Current Non Financial Liabilities 8.90 (17.40)
Cash generated from Operations 1178.81 1542.54

Taxes paid (net of refunds) (413.18) (342.02)

Net Cash generated from Operating Activities [A] 765.63 1200.52

B] Cash Flows from Investing Activities

Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & Capital (315.25) (323.97)
Work-In-Progress
Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets 0.77 1.76
Net Cash outflow on acquisition / Investment in Subsidiaries (359.95) (2109.95)
Proceeds from buyback of shares from subsidiary 11.28 -
Payments to purchase Investments (30.00) (2898.47)
Proceeds on sale of Investments 170.24 3634.27
(Increase)/ Decrease in Bank Deposits (0.18) 1.42
(Increase) / Decrease in Other Bank Balances (0.08) 0.69
Interest received 0.58 12.78
Dividend received 196.41 2.78
Net cash used in Investing Activities [B] (326.18) (1678.69)

C] Cash Flows from Financing Activities

Net increase in Current Borrowings 50.00 55.00
Proceeds from issue of Equity shares of the Company 0.01 0.01
Payment of Lease Liabilities (31.26) (24.08)
Dividends paid on Equity Shares (including tax thereon) (431.85) (0.69)
Interest paid (19.67) (11.53)
Net cash (used in) / generated from Financing Activities [C] (432.77) 18.71

Net increase / (decrease) in Cash and Cash Equivalents [A+B+C] 6.68 (459.46)
Cash and Cash Equivalents at the beginning of the year 109.81 564.17
Unrealised loss/gain on foreign currency cash and cash equivalents (0.05) 0.18
Cash and Cash Equivalents at the beginning of the year 109.76 564.35

Cash and Cash Equivalents at the end of the year 116.49 109.81
Unrealised loss on foreign currency cash and cash equivalents (0.05) (0.05)
Cash acquired under Business combination * - (4.87)
Cash and Cash Equivalents at the end of the year 116.44 104.89

Net increase / (decrease) in Cash and Cash Equivalents 6.68 (459.46)

*The Company had completed the acquisition of the business of wholly owned entity, Ms Nitin Enterprise on 31st March 2021.

Notes:
The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (IND AS 7) -
Statement of Cash Flows.
 ---- 5 ----

Notes to the Standalone Financial Results:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 18th May 2022.

2. The Statutory auditors have performed audit of the standalone financial results for the year ended 31st March 2022 and limited review of financial results for the quarter ended
31st March 2022 and have issued an unmodified opinion.

3. The financial results of the Company have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013
('Act') read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

4. Exceptional items represents diminution / impairment in value of investment in a subsidiary of Rs.0.45 Crores for the year ended 31st March 2021.

5. Other Income includes dividend received from a subsidiary amounting to Rs.96.20 Crores for quarter ended 31st March 2022 and Rs.192.40 crores for the year ended 31st March
2022.

6. The Company has taken into account external and internal information for assessing possible impact of COVID -19 on various element of its financial results, including
recoverability of its assets.

7. The Company has allotted 1,22,785 equity shares on 8th March 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company, to
whom the options were granted.

8. The Company granted options of 2,500 equity shares on 11th March 2022 and 330 equity shares on 18th May 2022 of face value of Re. 1/- each under Employee Stock Option
Plan - 2016 to the employees of the Company.

9. During the year, the Company has filed two merger applications with National Company Law Tribunal (NCLT) with respect to merger of its wholly owned subsidiaries namely
Pidilite Adhesives Pvt. Ltd (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers
have become effective from Appointed date 1st April 2022. As a result of merger being an event happening after balance sheet date, no effect of merger given in the financial
results.

10. Subject to the approval of the shareholders at the Annual General Meeting, the Board recommended payment of Dividend of Rs.10.00 per equity share of Re. 1/- each for the
financial year ended 31st March 2022.

11. The figures for the quarter ended 31st March 2022 and 31st March 2021 are the balancing figures between the audited figures in respect of the full financial year and the
published year to date figures upto the third quarter of the relevant financial year.

12. Previous periods' figures are regrouped to make them comparable with those of current period, wherever applicable.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Mumbai BHARAT PURI

Dated : 18th May 2022 Managing Director
DIN: 02173566
Deloitte Chartered Accountants
One International Center
Haskins & Sells LLP Tower 3, 27th -32nd Floor
Senapati Bapat Marg
Elphinstone Road (West)
Mumbai – 400 013
Maharashtra, India

Tele: + 91 22 6185 4000

Fax: +91 22 6185 4001

INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL CONSOLIDATED

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

PIDILITE INDUSTRIES LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2022
and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2022
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Consolidated Financial Results for the Quarter
and Year Ended 31.03.2022” of PIDILITE INDUSTRIES LIMITED (“the Parent”) and its
subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its
share of the net profit after tax and total comprehensive income of its joint venture and
associates for the quarter and year ended March 31, 2022, (“the Statement”) being
submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing
Regulations”).

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the other auditors
on separate financial statements / financial information of the subsidiaries and
associates referred to in Other Matters section below, the Consolidated Financial
Results for the year ended March 31, 2022:

(i) includes the results of the following entities:

Sr. No Name of the Entity Relationship

1 Pidilite Industries Limited Parent
2 Fevicol Company Limited Subsidiary
3 Bhimad Commercial Company Private Limited Subsidiary
Madhumala Ventures Private Limited (formerly Madhumala Traders
4 Subsidiary
Private Limited)
5 Pagel Concrete Technologies Private Limited Subsidiary
6 Building Envelope Systems India Limited Subsidiary
7 Hybrid Coatings Subsidiary
8 Pidilite Middle East Limited Subsidiary
9 Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda. Subsidiary
10 Pidilite USA Inc Subsidiary
11 Pidilite MEA Chemicals L.L.C Subsidiary
12 Pidilite International Pte. Ltd. Subsidiary
13 PT Pidilite Indonesia Subsidiary
14 Pidilite Speciality Chemicals Bangladesh Private Ltd. Subsidiary

Regd. Office. One International Center, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India.
(LLP Identification No. AAB-8737)
Deloitte
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15 Pidilite Innovation Centre Pte. Ltd. Subsidiary

16 Pidilite Industries Egypt (S.A.E.) Subsidiary
17 Pidilite Bamco Ltd Subsidiary
18 Pidilite Chemical PLC Subsidiary
19 PIL Trading (Egypt) Company Subsidiary
20 Pidilite Industries Trading (Shanghai) Co. Ltd. Subsidiary
21 Bamco Supply and Services Limited Subsidiary
Nina Percept Private Limited (Formerly Nina Waterproofing
22 Subsidiary
Systems Private Limited)
23 Pidilite Lanka (Private) Limited Subsidiary
24 ICA Pidilite Private Limited Subsidiary
25 Nebula East Africa Private Limited Subsidiary
26 Nina Lanka Construction Technologies Private Limited Subsidiary
27 Cipy Polyurethanes Private Limited Subsidiary
28 Pidilite Ventures LLC Subsidiary
29 Pidilite East Africa Limited Subsidiary
30 Pidilite Litokol Private Limited Subsidiary
31 Pidilite Grupo Puma Manufacturing Limited Subsidiary
32 Nina Percept (Bangladesh) Private Limited Subsidiary
33 Pidilite C-Techos Walling Limited Subsidiary
Tenax Pidilite India Private Limited (Formerly known as Tenax
34 India Stone Products Private Limited) (with effect from 29th May, Subsidiary
2020)
Pidilite Adhesives Private Limited (Formerly Huntsman Advanced
35 Materials Solutions Private Limited) (with effect from 4th Subsidiary
November, 2020)
36 Plus Call Technical Services LLC. Joint Venture
37 Vinyl Chemicals (India) Limited. Associate
Aapkapainter Solutions Private Limited (with effect from 3rd
38 Associate
November, 2020)
Kaarwan Eduventures Private Limited (with effect from 30th March ,
39 Associate
2022)

(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended; and

(iii) gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the consolidated net profit and
consolidated total comprehensive income and other financial information of the
Group for the year ended March 31, 2022.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended
March 31, 2022

With respect to the Consolidated Financial Results for the quarter ended
March 31, 2022, based on our review conducted and procedures performed as stated
in paragraph (b) of Auditor’s Responsibilities section below and based on the
consideration of the review reports of the other auditors referred to in Other Matters
section below, nothing has come to our attention that causes us to believe that the
Consolidated Financial Results for the quarter ended March 31, 2022, prepared in
accordance with the recognition and measurement principles laid down in the Indian
Deloitte
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Accounting Standards and other accounting principles generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year
ended March 31, 2022

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Group, its associates and joint venture in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India (“the
ICAI”) together with the ethical requirements that are relevant to our audit of the
Consolidated Financial Results for the year ended March 31, 2022 under the provisions of
the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the
audit evidence obtained by us and the audit evidence obtained by the other auditors in
terms of their reports referred to in Other Matters section below, is sufficient and
appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of
the Parent’s Board of Directors and has been approved by them for the issuance. The
Consolidated Financial Results for the year ended March 31, 2022, has been compiled from
the related audited consolidated financial statements. This responsibility includes the
preparation and presentation of the Consolidated Financial Results for the quarter and year
ended March 31, 2022 that give a true and fair view of the consolidated net profit and
consolidated other comprehensive income and other financial information of the Group
including its associates and joint venture in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standards, prescribed under
Section 133 of the Act, read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations.

The respective Board of Directors of the companies included in the Group and of its
associates and joint venture are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Group and its associates and joint venture and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the respective financial results that give a true and fair
view and are free from material misstatement, whether due to fraud or error, which have
been used for the purpose of preparation of this Consolidated Financial Results by the
Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the
companies included in the Group and of its associates and joint venture are responsible for
assessing the ability of the respective entities to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the respective Board of Directors either intends to liquidate their
respective entities or to cease operations, or has no realistic alternative but to do so.
Deloitte
Haskins & Sells LLP

The respective Board of Directors of the companies included in the Group and of its
associates and jointly controlled entities are responsible for overseeing the financial
reporting process of the Group and of its associates and joint venture.

Auditor’s Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31,
2022

Our objectives are to obtain reasonable assurance about whether the Consolidated
Financial Results for the year ended March 31, 2022 as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual Consolidated
Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the

Board of Directors in terms of the requirements specified under Regulation 33 of
the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ use of the going

concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group and its associates and joint venture
to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related
disclosures in the Consolidated Financial Results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Group and its associates and joint venture to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual

Consolidated Financial Results, including the disclosures, and whether the Annual
Consolidated Financial Results represent the underlying transactions and events
in a manner that achieves fair presentation.
Deloitte
Haskins & Sells LLP

• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone

Financial Results/ Financial Information of the entities within the Group and its
associates and joint venture to express an opinion on the Annual Consolidated
Financial Results. We are responsible for the direction, supervision and
performance of the audit of financial information of such entities included in the
Annual Consolidated Financial Results of which we are the independent auditors.
For the other entities included in the Annual Consolidated Financial Results, which
have been audited by the other auditors, such other auditors remain responsible
for the direction, supervision and performance of the audits carried out by them.
We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial

Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Consolidated Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other
entities included in the Consolidated Financial Results of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended
March 31, 2022

We conducted our review of the Consolidated Financial Results for the quarter ended
March 31, 2022 in accordance with the Standard on Review Engagements (SRE) 2410
‘Review of Interim Financial Information Performed by the Independent Auditor of the
Entity’, issued by the ICAI. A review of interim financial information consists of
making inquiries, primarily of the Company’s personnel responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with SAs specified
under section 143(10) of the Act and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.

The Statement includes the results of the entities as listed under paragraph (a)(i) of
Opinion and Conclusion section above.

We also performed procedures in accordance with the circular issued by the SEBI
under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, to the extent applicable.
Deloitte
Haskins & Sells LLP

Other Matters

 The Statement includes the results for the Quarter ended March 31, 2022 being the
balancing figure between audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial year which
were subject to limited review by us. Our report is not modified in respect of this
matter.

 We did not audit the financial statements / financial information of 33 subsidiaries

included in the consolidated financial results, whose financial statements / financial
information reflect total assets of Rs. 2,035.94 crores as at March 31, 2022 and total
revenues of Rs. 456.69 crores and Rs. 1,665.97 crores for the quarter and year ended
March 31, 2022 respectively, total net profit after tax of Rs. 26.25 crores and
Rs. 146.42 crores for the quarter and year ended March 31, 2022 respectively and total
comprehensive income of Rs. 4.52 crores and Rs. 114.59 crores for the quarter and
year ended March 31, 2022 respectively and net cash outflows of Rs. 101.08 crores for
the year ended March 31, 2022, as considered in the Statement. The consolidated
financial results also includes the Group’s share of profit after tax of
Rs. 5.22 crores and Rs. 11.88 crores for the quarter and year ended March 31, 2022
respectively and Total comprehensive income of Rs. 5.20 crores and Rs. 11.86 crores for
the quarter and year ended March 31, 2022 respectively, as considered in the
Statement, in respect of three associates whose financial statements have not been
audited by us. These financial statements have been audited, as applicable, by other
auditors whose reports have been furnished to us by the Management and our opinion
and conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries and associates is based solely on the reports of
the other auditors and the procedures performed by us as stated under Auditor’s
Responsibilities section above.

Our report on the Statement is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors.

 The consolidated financial results also includes the Group’s share of profit after tax of
Rs. NIL and Rs. NIL for the quarter and year ended March 31, 2022 respectively and
total comprehensive income of Rs. NIL and Rs. NIL for the quarter and year ended
March 31, 2022 respectively, as considered in the Statement, in respect of a joint
venture, whose financial information have not been audited by us. These financial
information are unaudited and have been furnished to us by the Management and our
opinion and conclusion on the Statement, in so far as it relates to the amounts and
disclosures included in respect of a joint venture, is based solely on such unaudited
financial information. In our opinion and according to the information and explanations
given to us by the Management, these financial information are not material to the
Group.

Our report on the Statement is not modified in respect of the above matter with respect
to our reliance on the financial information certified by the Management.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

N. K. Jain
Partner
(Membership No. 045474)
UDIN: 22045474AJERXA2077
Place: Mumbai
Date: May 18, 2022
 PIDILITE INDUSTRIES LIMITED
REGD. OFFICE : 7th Floor, Regent Chambers, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai - 400 021
Tel No. 91 22 2835 7000 Fax : 91 22 2835 6007
Email address : [email protected] Website : www.pidilite.com CIN : L24100MH1969PLC014336

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2022
Rs Crores

Sr.
Particulars For the Quarter ended For the Year ended
No.

31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021

Unaudited Unaudited Unaudited Audited Audited
1 Total Income
a) Revenue from Operations 2507.10 2850.72 2235.52 9920.96 7292.71
b) Other Income 11.11 5.17 17.33 36.30 79.40
Total Income 2518.21 2855.89 2252.85 9957.26 7372.11
2 Expenses
a) Cost of materials consumed 1413.88 1438.06 1086.50 5040.74 3017.82
b) Purchases of stock-in-trade 186.62 185.34 181.31 648.40 477.17
c) Changes in inventories of finished goods, work-in-progress (184.23) (15.14) (168.17) (244.96) (118.32)
and stock-in-trade
d) Employee benefits expense 278.61 280.02 262.71 1112.36 980.86
e) Finance costs 9.35 10.75 7.44 42.08 37.23
f) Depreciation, amortisation and impairment expense 62.19 60.46 57.19 239.61 200.66
g) Other expenses 411.14 413.41 412.38 1517.13 1254.56
Total Expenses 2177.56 2372.90 1839.36 8355.36 5849.98
3 Profit before Exceptional Items, Share of profit of Associates and Joint
venture and Tax (1-2) 340.65 482.99 413.49 1601.90 1522.13
4 Share of profit of associates (net of tax) 5.22 3.73 1.32 11.88 3.98
5 Share of profit of joint venture (net of tax) - - - - -
6 Profit before Exceptional Items and Tax (3+4+5) 345.87 486.72 414.81 1613.78 1526.11
7 Exceptional items - - 3.62 - 3.62
8 Profit before tax (6-7) 345.87 486.72 411.19 1613.78 1522.49
9 Tax Expense
Current tax 79.95 127.78 104.03 407.94 399.88
Deferred tax 11.57 (0.30) (0.28) (0.92) (3.52)
10 Profit for the period (8-9) 254.35 359.24 307.44 1206.76 1126.13
Attributable to:
Shareholders of the Company 254.35 358.49 306.19 1207.56 1131.21
Non Controlling Interest - 0.75 1.25 (0.80) (5.08)
11 Other Comprehensive Income
Items that will not be reclassified to profit or loss (5.71) (2.39) (4.83) (12.88) (0.99)
Income tax relating to items that will not be reclassified to profit or loss 1.44 0.60 1.25 3.23 0.28
Items that will be reclassified to profit or loss (14.38) 0.04 (3.85) (12.46) (10.15)
Total Other Comprehensive Income (18.65) (1.75) (7.43) (22.11) (10.86)
Attributable to:
Shareholders of the Company (17.23) (1.90) (7.55) (20.63) (11.22)
Non Controlling Interest (1.42) 0.15 0.12 (1.48) 0.36
12 Total Comprehensive Income for the period (10+11) 235.70 357.49 300.01 1184.65 1115.27
Attributable to:
Shareholders of the Company 237.12 356.59 298.64 1,186.93 1,119.99
Non Controlling Interest (1.42) 0.90 1.37 (2.28) (4.72)
13 Paid-up Equity Share Capital (Face value of share : Re. 1/-) 50.83 50.82 50.82 50.83 50.82
14 Other Equity 6352.88 5542.14
15 Earnings per equity share in Rs.
a) Basic @ 5.00 @ 7.05 @ 6.03 23.76 22.26
b) Diluted @ 5.00 @ 7.05 @ 6.02 23.75 22.24
@ For the period only and not annualised.
See accompanying Notes to Financial Results
 ---- 2 ----

CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31.03.2022

Rs Crores
For the Quarter ended For the Year ended
Sr. Particulars
No. 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
Unaudited Unaudited Unaudited Audited Audited
1 Segment Revenue
a) Consumer & Bazaar 1913.23 2264.52 1730.27 7794.41 5808.88
b) Business to Business 645.28 618.64 535.01 2278.32 1575.40
c) Others 18.77 20.46 17.39 63.70 38.53
Total 2577.28 2903.62 2282.67 10136.43 7422.81
Less : Inter Segment Revenue 70.18 52.90 47.15 215.47 130.10
Revenue from Operations 2507.10 2850.72 2235.52 9920.96 7292.71
2 Segment Results
a) Consumer & Bazaar 417.70 562.88 469.22 1933.70 1773.63
b) Business to Business 44.41 40.00 52.41 152.70 118.13
c) Others (0.82) (1.16) 1.40 (2.16) (1.84)
Total 461.29 601.72 523.03 2084.24 1889.92
Less : i) Finance Costs 9.35 10.75 7.44 42.08 37.23
ii) Other Unallocable Expenditure net of
Unallocable Income 111.29 107.98 102.10 440.26 330.56
Add: Share of profit of associates and joint venture 5.22 3.73 1.32 11.88 3.98
Profit Before Exceptional Item and Tax 345.87 486.72 414.81 1613.78 1526.11
Exceptional Items - - 3.62 - 3.62
Profit before tax 345.87 486.72 411.19 1613.78 1522.49
3 Segment Assets
a) Consumer & Bazaar 6804.00 6831.64 6353.49 6804.00 6353.49
b) Business to Business 1850.86 1801.48 1565.54 1850.86 1565.54
c) Others 11.74 14.81 20.53 11.74 20.53
d) Unallocated 849.02 781.28 890.86 849.02 890.86
Total Segment Assets 9515.62 9429.21 8830.42 9515.62 8830.42
4 Segment Liabilities
a) Consumer & Bazaar 1699.18 1804.47 1653.18 1699.18 1653.18
b) Business to Business 974.19 910.64 837.44 974.19 837.44
c) Others 1.00 1.84 1.74 1.00 1.74
d) Unallocated 238.64 351.08 505.06 238.64 505.06
Total Segment Liabilities 2913.01 3068.03 2997.42 2913.01 2997.42

Consumer & Bazaar segment segment (C&B) covers sale of products mainly to end consumers which are retail users such as carpenters,
painters, plumbers, mechanics, households, students, offices, etc. Sale consists of mainly Adhesives, Sealants, Art and craft Materials and
Construction and paint Chemicals. Business to Business (B2B) covers sale of products to end customers which are mainly large business
users. This includes Industrial Products (IP) such as adhesives, synthetic resins, organic pigments, pigment preparations, construction
chemicals (projects), surfactants, etc. Others mainly includes sale of raw materials.
 ---3---

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2022

Rs Crores
As at As at
Sr No Particulars 31.03.2022 31.03.2021
Audited Audited
A ASSETS
1 Non Current Assets
(a) Property, Plant and Equipment 1,554.86 1,285.03
(b) Right of Use Assets 202.93 157.81
(c) Capital Work-In-Progress 225.42 293.87
(d) Goodwill 1,286.83 1,283.95
(e) Other Intangible Assets 1,658.64 1,691.13
(f) Investments accounted for using equity method 60.66 32.47
(g) Financial Assets
(i) Investments 224.43 307.04
(ii) Loans 5.05 4.85
(iii) Other Financial Assets 64.45 51.06
(h) Income Tax Assets (net) 140.08 97.12
(i) Deferred Tax Assets (net) 21.28 16.59
(j) Other Non-current Assets 55.38 94.13
Total Non Current Assets 5,500.01 5,315.05
2 Current Assets
(a) Inventories 1,695.09 1,234.15
(b) Financial Assets
(i) Investments 173.52 176.46
(ii) Trade Receivables 1,430.54 1,321.02
(iii) Cash and cash equivalents 352.07 442.65
(iv) Bank balances other than (iii) above 3.10 8.81
(v) Loans 17.22 16.89
(vi) Other Financial Assets 86.01 85.26
(c) Current Tax Assets (net) 2.95 3.13
(d) Other Current Assets 255.11 227.00
Total Current Assets 4,015.61 3,515.37
TOTAL ASSETS 9,515.62 8,830.42

B EQUITY AND LIABILITIES

EQUITY
(a) Equity Share Capital 50.83 50.82
(b) Other Equity 6,352.88 5,542.14
Equity attributable to owners of the Company 6,403.71 5,592.96
Non-Controlling Interests 198.90 240.04
Total Equity 6,602.61 5,833.00

LIABILITIES
1 Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 1.72 12.39
(ii) Lease Liabilities 96.04 80.68
(iii) Other Financial Liabilities 19.94 13.63
(b) Provisions 71.83 57.98
(c) Deferred Tax Liabilities (net) 398.45 398.03
Total Non-Current Liabilities 587.98 562.71
2 Current Liabilities
(a) Financial Liabilities
(i) Borrowings 285.62 201.51
(ii) Trade Payables
- Total Outstanding Dues of Micro Enterprises and Small Enterprises 89.50 86.03
- Total Outstanding Dues of Creditors other than Micro Enterprises and Small Enterprises 959.79 920.71
(iii) Lease Liabilities 32.45 27.71
(iv) Other Financial Liabilities 780.32 1,034.04
(b) Other Current Liabilities 120.92 114.73
(c) Provisions 42.69 24.96
(d) Current Tax Liabilities (net) 13.74 25.02
Total Current Liabilities 2,325.03 2,434.71
Total Liabilities 2,913.01 2,997.42
TOTAL EQUITY AND LIABILITIES 9,515.62 8,830.42
 ---4---

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31.03.2022

Rs Crores
For the Year ended
31.03.2022 31.03.2021
Particulars
Audited Audited
A] Cash Flows from Operating Activities
Profit before tax 1,613.78 1,522.49
Adjustments for:
Share of profit from Associates (11.88) (3.98)
Finance costs recognised in Statement of Profit and Loss 42.08 37.23
Interest income recognised in Statement of Profit and Loss (4.58) (16.84)
Dividend income recognised in Statement of Profit and Loss (1.22) (1.13)
Dividend from Associate 2.80 1.79
Exceptional Item - Impairment in value of Investments - 3.62
Loss on disposal of Property, Plant and Equipment 9.12 5.73
Net gain arising on financial assets designated at FVTPL (11.93) (40.26)
Allowance for Doubtful Debts 16.73 11.01
Depreciation, Amortisation and Impairment Expense 239.61 200.66
Unrealised Foreign Exchange Gain (Net) (13.56) (9.01)
Provision for Employee Benefits 16.00 8.09
Provision / (Write back) of Warranties and Others 2.70 (0.35)
Expense recognised in respect of Equity-Settled Share-Based Payments 28.09 17.24
Operating profits before Working Capital changes 1,927.74 1,736.29

Movements in Working Capital:

(Increase)/Decrease in Operating Assets
Trade Receivables (122.71) (175.88)
Inventories (460.18) (278.70)
Non-Current Loans (0.20) (0.76)
Current Loans (0.33) 0.49
Other Non-Current Financial Assets (10.63) (0.19)
Other Current Financial Assets (0.75) 17.94
Other Non-Current Non Financial Assets 6.89 (4.20)
Other Current Non Financial Assets (28.11) (29.20)
Increase/(Decrease) in Operating Liabilities
Trade Payables 75.96 354.61
Other Current Financial Liabilities 17.19 147.68
Other Non-Current Financial Liabilities 6.31 6.37
Other Current Non Financial Liabilities 6.19 (11.41)
Cash generated from Operations 1,417.37 1,763.03

Taxes paid (net of refunds) (462.00) (370.91)

Net Cash generated from Operating Activities [A] 955.37 1,392.12

B] Cash Flows from Investing Activities

Payments for purchase of Property, Plant and Equipment, Other Intangible Assets & (374.74) (353.76)
Proceeds from disposal of Property, Plant and Equipment & Other Intangible Assets 0.77 1.76
Payments to purchase Investments (100.95) (2931.95)
Proceeds on sale of Investments 170.24 3638.81
Payments for business acquisitions (262.21) (2056.86)
Decrease / (Increase) in Bank Deposits 3.07 (4.75)
(Increase) / Decrease in Other Bank Balances (0.12) 0.89
Interest received 4.58 16.84
Dividend received 1.22 1.13
Net cash used in Investing Activities [B] (558.14) (1,687.89)

C] Cash Flows from Financing Activities

Proceeds from issue of Equity Instruments of the Company 0.01 0.01
Payment of Lease Liabilities (48.68) (33.93)
Net Increase in Current Borrowings 102.71 27.93
Net Decrease in Non-Current Borrowings (18.13) (11.13)
Payment from Share Capital issued to Minority (net) (38.86) (29.11)
Dividend paid on Equity Shares (including tax thereon) (431.85) (0.69)
Interest paid (33.16) (29.32)
Net cash used in Financing Activities [C] (467.96) (76.24)

Net decrease in Cash and Cash Equivalents [A+B+C] (70.73) (372.00)

Cash and Cash Equivalents at the beginning of the year 327.20 606.37
Unrealised (loss)/gain on foreign currency cash and cash equivalents (0.05) 0.18
Cash and Cash Equivalents at the beginning of the year 327.15 606.55

Cash and Cash Equivalents at the end of the year 256.47 327.20
Unrealised loss on foreign currency cash and cash equivalents (0.05) (0.05)
Cash acquired on Business Combination - (92.60)
Cash and Cash Equivalents at the end of the year 256.42 234.55

Net decrease in Cash and Cash Equivalents (70.73) (372.00)

Notes:
The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (IND AS 7) - Statement
of Cash Flows.

As at 31.03.2022 As at 31.03.2021
Cash and Cash Equivalents comprises of
Cash and cash equivalents 352.07 442.65
Less:
- Bank overdrafts 95.60 115.45
256.47 327.20
 ---- 5 ----

Notes to the Consolidated Financial Results:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 18th May 2022.

2. The above results comprise the results of Pidilite Industries Ltd. (Parent Company), 34 subsidiary companies (including one partnership firms), (Parent Company and it's subsidiaries together
referred as "the Group") three Associate Companies and one Joint Venture. The Statutory auditors have performed audit of the consolidated financial results for the year ended 31st March 2022 and
limited review of financial results for the quarter ended 31st March 2022 and have issued an unmodified opinion.

3. The financial results of the Group have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013 ('Act') read with Companies
(Indian Accounting Standards) Rules, 2015, as amended.

4. Exceptional items represents diminution / impairment in value of investment of Rs.3.62 Crores for year ended 31st March 2021.

5. The Group has taken into account external and internal information for assessing possible impact of COVID -19 on various element of its financial results, including recoverability of its assets.

6. The Parent Company has allotted 1,22,785 equity shares on 8th March 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to the employees of the Company, to whom the
options were granted.

7. The Parent Company granted options of 2,500 equity shares on 11th March 2022 and 330 equity shares on 18th May 2022 of face value of Re. 1/- each under Employee Stock Option Plan - 2016 to
the employees of the Company.

8. Subject to the approval of the shareholders at the Annual General Meeting, the Board recommended payment of Dividend of Rs. 10.00 per equity share of Re. 1/- each for the financial year ended
31st March 2022.

9. During the year, the Parent Company has filed two merger applications with National Company Law Tribunal (NCLT) with respect to merger of its wholly owned subsidiaries namely Pidilite Adhesives
Pvt. Ltd (PAPL) and Cipy Polyurethanes Pvt. Ltd (CIPY). Consequent to the filing of NCLT orders approving the mergers with Registrar of Companies, mergers have become effective from Appointed
date 1st April 2022.

10. The figures for the quarter ended 31st March 2022 and 31st March 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date
figures upto the third quarter of the relevant financial year

11. Previous periods' figures are regrouped to make them comparable with those of current period, wherever applicable.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Mumbai BHARAT PURI

Dated : 18th May 2022 Managing Director
DIN: 02173566