9th May, 2023

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

Sub: Earnings Presentation

-------------------------------

Dear Sir,

Please find attached the Earnings Presentation for the quarter and year ended
31st March, 2023.

Thanking You,

Yours faithfully,
For Pidilite Industries Limited
MANISHA Digitally signed
by MANISHA
RAKESH RAKESH SHETTY
Date: 2023.05.09
SHETTY 12:40:41 +05'30'

Manisha Shetty
Company Secretary

Encl: a/a

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
Q4 & FY 23

Earnings
Presentation

1
OUR BRANDS
DISCLAIMER
This presentation may contain statements which reflect the management’s current views and estimates
and could be construed as forward looking statements.

The future involves certain risks and uncertainties that could cause actual results to differ materially
from the current views being expressed.

Potential risks and uncertainties include such factors as general economic conditions, foreign exchange
fluctuations, competitive product and pricing pressures and regulatory developments.

03
3
MARKET OUTLOOK

 The current quarter’s revenue growth is primarily driven by domestic demand. The demand from rural and
semi-urban improved during the quarter.

 While the near-term environment is likely to remain uncertain, we look forward to the future with cautious
optimism.

 The moderation in input costs, easing of inflation and the growth in infrastructure & construction should
enable us to deliver volume lead profitable growth.

 We remain committed to delivering broad-based consistent volume growth while continuing to invest in our
brands, building capabilities across the digital landscape as well as building a resilient and future ready
supply chain.

03
4
FINANCIAL
HIGHLIGHTS

5
 PERFORMANCE OVERVIEW
 Despite the challenging environment on both the demand as well as input cost fronts throughout the year, we
have delivered robust value and volume growth across our businesses in geographies with revenue crossing
Rs. 11,000 crores for the first time.

 Growth was broad based across Consumer and Bazaar (‘C&B’) and Business to Business (‘B2B’) segments with
Domestic C&B reporting growth in excess of 20%.

 In the current quarter, Domestic C&B business revenues grew by 10% underpinned by strong volume growth
of 7%. B2B businesses faced headwinds due to lower exports and lower demand from businesses dependent
on exports.

 The moderation in input costs led to improvement in Gross Margin, both sequentially and over previous year.
Part of the benefits of margin improvement were invested in market facing initiatives for channel and
consumer.

 Amidst uncertain global economic conditions and inflationary pressures, International Subsidiaries reported
moderate sales growth along with improvement in EBITDA.
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 Domestic C&B subsidiaries continue to deliver industry leading profit and growth. 6
EARNINGS SUMMARY
FY’23

NET SALES EBITDA* PBT* PAT

CONSOLIDATED
Rs. 11,752 Cr Rs. 1,984 Cr Rs. 1,723 Cr Rs. 1,289 Cr

YOY GROWTH 18.9% 7.4% 6.8% 6.8%

STANDALONE Rs. 10,545 Cr Rs. 1,855 Cr Rs. 1,668 Cr Rs. 1,257 Cr

YOY GROWTH 19.1% 4.7% 4.8% 5.5%

•EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items.
7
EARNINGS SUMMARY
Q4’ FY23

NET SALES EBITDA* PBT* PAT

CONSOLIDATED
Rs. 2,674 Cr Rs. 459 Cr Rs. 393 Cr Rs. 286 Cr

YOY GROWTH 7.0% 14.5% 13.5% 12.4%

STANDALONE Rs. 2,366 Cr Rs. 436 Cr Rs. 389 Cr Rs. 291 Cr

YOY GROWTH 6.6% 12.3% 13.6% 15.3%

•EBITDA is before non operating income. PBT is Profit before tax and Exceptional Items.
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SEGMENT SUMMARY - STANDALONE
(in INR Crores)
Sr. PARTICULARS FY'23 FY'22 Growth Q4 23 Q4 22 Growth
1 Segment Sales
a) C&B 8,454.8 6,992.2 20.9% 1,870.3 1,707.3 9.5%
b) B2B 2,214.7 1,969.9 12.4% 531.9 550.7 -3.4%
c) Others 102.2 63.7 60.4% 20.7 18.8 10.1%
Total 10,771.7 9,025.8 19.3% 2,422.9 2,276.8 6.4%
Less : Inter Segment Sales 226.6 173.4 30.7% 57.1 57.0 0.1%
Net Sales 10,545.1 8,852.3 19.1% 2,365.8 2,219.8 6.6%

2 Segment Results
a) C&B 1,995.6 1,874.8 6.4% 454.6 414.4 9.7%
b) B2B 225.2 195.0 15.5% 64.0 47.8 33.7%
c) Others 5.7 -2.2 362.5% 0.7 -0.8 180.5%
Total Segment Results 2,226.4 2,067.6 7.7% 519.2 461.5 12.5%
Less : i ) Finance Costs 28.5 27.2 4.7% 6.9 5.3 31.3%
ii) Other unallocable expenditure net of 530.2 449.7 17.9% 123.7 114.3 8.3%
Unallocable income
PBT 1,667.7 1,590.7 4.8% 388.6 341.9 13.6% 9
 OVERSEAS SUBSIDIARIES PERFORMANCE FY’23
(in INR Crores)

Asia

Sales 20%
314.2
261.2

Americas*
Sales 5%
244.9 258.0 EBITDA 23%
50.2
40.7

EBITDA -129%
10.3
Middle East and Africa
Sales 23% EBITDA
-3.0 258.4 8.8
210.5

•Pidilite USA Inc has decided to discontinue the operations of its

Sargent Art Division, in a phased manner,. Revenue from operations -1.2
and (loss) before tax pertaining for FY 23 is Rs 128.8 crs and Rs (5.2 )
crs respectively.
i) Amounts are like for like actual reported numbers excluding translations and other consolidation impacts and ii) Amounts in ‘bold ‘denotes CY 10
 OVERSEAS SUBSIDIARIES PERFORMANCE Q4’ FY23
(in INR Crores)

Asia
Sales 12%
80.9
72.2

Americas

Sales EBITDA 44%

58.7 58.5
12.2
8.5

EBITDA -67%
Middle East and Africa

Sales 28% EBITDA

-2.5 71.0 3.4
55.3
-4.2

-0.5

• Amounts are like for like actual reported numbers excluding translations and other consolidation impacts 11
• Amounts in ‘bold ‘denotes CY
 DOMESTIC SUBSIDIARIES PERFORMANCE FY’23 & Q4’ FY23
600 160
32% 14% 22% 2%
140
480 120 103.9
391.2
315.9 100 85.0 91.2 89.2
360 295.7
NET SALES

276.6 80
240 60
120 40
20
0 0
C&B B2B C&B B2B

100 56% 403%

128% 22 1%
75 66.8
18
50 42.9 13.5 13.3
14
EBITDA

25 6.3 10
0 6 4.6
-25 2
(22.6) -2
-50 (1.5)
C&B B2B C&B B2B

12
EBITDA is before exception items. Figures are reported excluding other consolidation impacts.
INDUSTRY SEGMENT COMPOSITION (FY’23)

4.4% 81.1%
7.8% Consumer &
Pigment &
Industrial Resins, Bazaar products
Preparations
Construction chemicals
(Project) etc. 18.0%
Business to Business
0.9%
products
9 Others
5.8% 0.9%
Others
Industrial
Adhesives
6.1%
Art & Craft
Materials etc. 55.7%
Adhesives &
19.3% Sealants
Construction &
Paint Chemicals

Standalone Results - % of Total Sales based on FY 2022-23

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INDUSTRY SEGMENT COMPOSITION (FY’22)
5.6%
7.6% Pigment & 79.9%
Industrial Resins, Preparations Consumer &
Construction chemicals Bazaar products
(Project) etc.
19.4%
0.7% Business to Business
9
6.2% products
Others
Industrial
0.7%
Adhesives
Others

5.5%
Art & Craft
Materials etc. 55.7%
Adhesives &
18.7% Sealants
Construction &
Paint Chemicals

During FY 22, the Company had filed two merger applications with NCLT 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 ROC, mergers have become effective
from Appointed date being 1st April 2022. Accordingly, the FY 22 have been restated for the accounting impact of merger, as if the merger had
occurred from the beginning of the comparative periods. 14
5-Year Performance by Business Segments (Standalone)
Numbers represent Percentage of Total Sales
Consumer and Bazaar (C&B) Business to Business (B2B)
B2B includes Others also
82% 81% 81% 22%
80% 80% 80% 20% 20% 20%
80% 20% 19% 19%
78% 18%
76% 16%
74% 14%
72% 12%
70% 10%
2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23

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COMPANY AT A GLANCE

Brand established in Adhesives & sealants, History of creating Among the most trusted brands
1959 construction chemicals, strong brands in the country. Other big brands
Pioneer in Consumer & art & craft products & include M-Seal, Fevikwik, Fevistik,
Specialty Chemicals polymer emulsions Roff, Dr. Fixit, Fevicryl, Araldite,
Araldite Karpenter and Araseal.

7 Regional offices
International
manufacturing
Exporter of
Pigments and 3 R&D centres in India.
facilities in Thailand, Pigment
33 plants
Dubai, Brazil, Egypt,
Bangladesh, Sri Lanka &
emulsions to
emerging markets
1 in Singapore

Kenya as well as Europe

35 co-makers in India
20 overseas subsidiaries
and North America

( 6 direct and 14 step-

8000+ employees
down)

Rs 831 Cr revenue
from overseas subsidiaries
in FY 23
16
DOMESTIC PRESENCE
INDIA OPERATIONS

6,250+ SKUs of 900+ products

Domestic Revenue of Rs. 9,713 Cr for FY23

33 plants, 35 Co-makers

5,300+ distributors

44 warehouses

7 regional offices & 4 RDCs

12 domestic subsidiaries (including 1 partnership

firm) and 6 associates

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 MARKETING &
ADVERTISING
Consistent and effective brand building
activities across various categories
a. Consumer Adhesives & Sealants
b. Craftsmen Adhesives
c. Waterproofing Chemicals
d. Hobby & Craft Colours

Several of the brands are well-known in

respective categories (Fevicol, Fevikwik ,
M-Seal, Dr Fixit, Fevicryl, etc.)

Award winning advertisements resulting

in mass appeal of brands across all
segments and geographies.

Significant relationship building

activities with end users and
influencers.

Extensive grass root contact with end-

users to promote usage of products and
brands. 18
CONNECTING DIGITALLY

19
CELEBRATING OCCASSIONS- DIGITAL WAY

20
SHARE HOLDING PATTERN- 31 March 2023

15.24% Promoters

Mutual Funds

FPIs
10.61%
Others

4.21%

69.94%

21
SHARE PRICE MOVEMENT

140

130

120

110

100

90

80

70

Pidilite Sensex

Rebased to 100
22
CONSISTENT DIVIDEND PAYOUTS

50%

40.6% 39.9% 42.7%

40% 38.1% 36.9%

30%

20%

10%

0%
FY18 FY19 FY20 FY21 FY22

FY 23: The Board of Directors have proposed a final dividend of Rs. 11 Per share (Dividend Payout - 44.5%), subject to approval of shareholders at the AGM.

Note: The Net Profit considered for above calculation is excluding exceptional items 23
CIN : L24100MH1969PLC014336

Investor Relations
[email protected]

Manisha Shetty
[Company Secretary]

Ramkrishna Mandir Road,

Off Mathuradas Vasanji Road,
Andheri (E), Mumbai - 400 059.
Phone : +91 22 28357949
Fax : +91 22 28216007

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