Slides
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Q4’ FY 25 Earnings Presentation 1
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OUR BRANDS
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03 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. 3
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03 PERFORMANCE OVERVIEW ➢ Current quarter’s revenue growth of 10.2% was aided by UVG of 9.8% across categories and geographies. ➢ Consumer and Bazaar (‘C&B’) UVG was 8.0% with sequential improvement, while Business to Business (‘B2B’) continued to report robust UVG of 16.4%. ➢ Gross Margins improved by 154 bps over Q4 FY24 and by 86 bps over Q3 FY25, primarily driven by benign input prices. ➢ A&SP spends were stepped up to drive demand generation (Q4 FY25: 5.4% of Net Sales; Q4 FY24: 4.7%; Q3 FY25: 3.9%). ➢ EBITDA Margins remained in line with Q4 FY24 at 20.6%. ➢ FY25 revenue grew by 8.1% underpinned by UVG of 9.3% with C&B UVG of 7.2% and B2B UVG of 19.2%.. ➢ Gross Margins improved by 254 bps over previous year, on account of lower input costs. EBITDA Margins were at 23.6%, compared to 22.9% in previous year. 4
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03 PERFORMANCE OVERVIEW ➢ Domestic subsidiaries reported double-digit sales growth in the current quarter. EBITDA also grew in double-digit over Q4 FY24. ➢ Sales of International subsidiaries (excluding Pidilite USA and Pulvitec Brazil) were in line with Q4 FY24. ➢ As we look ahead, we continue to remain cautiously optimistic given the domestic operating environment and improving demand conditions, especially in the construction sector, backed by anticipated good monsoon and increase in Government spends. ➢ We remain watchful of the impact of uncertain global economic and geo-political conditions. ➢ We remain committed to our strategic agenda of delivering consistent, profitable volume led growth through investment in our brands, supply chain and people. 5
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FINANCIAL HIGHLIGHTS 6
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EARNINGS SUMMARY Q4’ FY25 NET SALES CONSOLIDATED Rs. 3,130 Cr EBITDA* PBT* PAT Rs. 633 Cr Rs. 601 Cr Rs. 428 Cr 8.3 %YOY GROWTH 9.7% 20.7% 40.5% Rs. 2,839 CrSTANDALONE 10.2% 10.7% 30.8% 25.8% Rs. 584 Cr Rs. 606 Cr Rs. 446 Cr YOY GROWTH 7*EBITDA is before non-operating income. PBT is Profit before tax and Exceptional Items. #Comparable Consolidated Net Sales growth (excluding Pidilite USA and Pulvitec Brazil in PY) is 9.5% #
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EARNINGS SUMMARY FY’ 25 NET SALES CONSOLIDATED Rs. 13,094 Cr EBITDA* PBT* PAT Rs. 3,013 Cr Rs. 2,848 Cr Rs. 2,096 Cr 6.1%YOY GROWTH 11.3% 16.2% 20.0% Rs. 12,023 CrSTANDALONE 8.1% 11.2% 16.2% 15.2% Rs. 2,835 Cr Rs. 2,786 Cr Rs. 2,074 Cr YOY GROWTH 8*EBITDA is before non-operating income. PBT is Profit before tax and Exceptional Items. #Comparable Consolidated Net Sales growth (excluding Pidilite USA and Pulvitec Brazil in PY) is 7.6% #
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SEGMENT SUMMARY - STANDALONE (in INR Crores) 9 *PBT is Profit Before Tax and Exceptional Items. ^PBIT is Profit Before Interest, Tax and Exceptional Items. Sr. No. PARTICULARS Q4' 24 Q4' 25 Growth (%) FY' 24 FY' 25 Growth (%) 1 Segment Sales a) C&B 2,015 2,203 9.3% 9,032 9,630 6.6% b) B2B 599 682 13.9% 2,238 2,566 14.7% c) Others 12 15 24.6% 61 56 -8.7% Total 2,626 2,899 10.4% 11,331 12,252 8.1% Less : Inter Segment Sales 50 60 20.7% 213 229 7.4% Net Sales 2,576 2,839 10.2% 11,118 12,023 8.1% 2 Segment Results (PBIT)^ a) C&B 521 582 11.8% 2,632 2,870 9.0% Margins (PBIT/Sales) 25.8% 26.4% 29.1% 29.8% b) B2B 66 125 88.0% 301 460 52.6% Margins (PBIT/Sales) 11.1% 18.3% 13.5% 17.9% c) Others 0 0 -66.1% 3 3 -1.3% Total Segment Results 588 707 20.4% 2,936 3,333 13.5% Less : i ) Finance Costs 8 10 33.5% 29 35 17.9% ii) Other unallocable expenditure 117 91 -21.7% 510 512 0.4% net of unallocable income Profit Before Tax (PBT)* 463 606 30.8% 2,397 2,786 16.2%
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(in INR Crores) 10 OVERSEAS SUBSIDIARIES PERFORMANCE Q4 FY’25 i) The above numbers are at constant currency, excluding translation and consolidation adjustments. ii) Amounts in ‘bold ‘denotes CY; Growth% represents growth over PY. iiii) Performance of Pidilite USA and Pulvitec Brazil has been excluded in PY Middle East and Africa Asia 74.0 72.6 Sales 2% 8.6 6.6 EBITDA 24% 82.5 85.6 Sales 4% 13.0 16.4 EBITDA 26%
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(in INR Crores) 11 OVERSEAS SUBSIDIARIES PERFORMANCE FY’25 i) The above numbers are at constant currency, excluding translation and consolidation adjustments. ii) Amounts in ‘bold ‘denotes CY; Growth% represents growth over PY. iiii) Performance of Pidilite USA and Pulvitec Brazil has been excluded in PY Middle East and Africa Asia 277.6 308.6 Sales 11% 27.0 28.9 EBITDA 7% 314.0 323.5 Sales 3% 54.4 61.2 EBITDA 12%
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9.4 17.417.4 13.6 -5 10 25 40 C&B B2B Q4 FY 24 Q4 FY 25 116.3 96.2 131.9 115.1 0 40 80 120 160 200 C&B B2B Q4 FY 24 Q4 FY 25 EBITDA is before exceptional items. Figures are reported excluding consolidation adjustments. NET SALES DOMESTIC SUBSIDIARIES PERFORMANCE Q4 FY’25 12 EBITDA (in INR Crores) 13% 20% 86% 22%
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64.7 25.9 68.9 30.2 0 20 40 60 80 C&B B2B FY 24 FY 25 472.1 346.6 500.8 378.3 0 150 300 450 600 C&B B2B FY 24 FY 25 EBITDA is before exceptional items. Figures are reported excluding consolidation adjustments. NET SALES DOMESTIC SUBSIDIARIES PERFORMANCE FY’25 13 EBITDA (in INR Crores) 9%6% 7% 17%
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INDUSTRY SEGMENT COMPOSITION 81.2% Consumer & Bazaar products 18.4% Business to Business products 0.4% Others Standalone Results - % of Total Sales based on FY 2024-25 22.2% Construction & Paint Chemicals 53.2% Adhesives & Sealants 5.8% Art & Craft Materials etc. 5.1% Industrial Adhesives 4.1% Pigment & Preparations 9.1% Industrial Resins, Construction chemicals (Project) etc. 0.4% Others 14
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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 15 19% 20% 19% 18% 19% 10% 12% 14% 16% 18% 20% 22% 2020-21 2021-22 2022-23 2023-24 2024-25 81% 80% 81% 82% 81% 70% 72% 74% 76% 78% 80% 82% 84% 2020-21 2021-22 2022-23 2023-24 2024-25
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COMPANY AT A GLANCE Brand established in 1959 Pioneer in Consumer & Specialty Chemicals Adhesives & sealants, construction chemicals, art & craft products & polymer emulsions History of creating strong brands Among the most trusted brands in the country. Other big brands include M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Araldite, Araldite Karpenter and Araseal. 33 plants & 30 co-makers 8 Regional offices & 5 RDCs 47 Warehouses 14 domestic subsidiaries (including 1 partnership firm ) and 6 associates Standalone Domestic Revenue of Rs. 11,079 Cr in FY25 Domestic Subsidiaries Revenue of Rs. 887 cr in FY25 International manufacturing facilities in Thailand, Dubai, Egypt, Bangladesh , Sri Lanka & Kenya 19 overseas subsidiaries ( 5 direct and 14 step -down) and 1 Joint Venture Rs 647 Cr revenue from overseas subsidiaries in FY 25 Standalone Export Revenue of Rs. 993 Cr in FY 25 Exporter of Pigments and Pigment emulsions to emerging markets as well as Europe and North America 5 R&D centres in India. 1 in Singapore 6,200+ SKUs of 820+ Products 8,100+ employees at Standalone level 4,950+ distributors in India 16 Domestic Presence Revenue Figures are excluding consolidation adjustments.
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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
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CONNECTING DIGITALLY 19Surat Diamond BourseMumbai Coastal Road
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CELEBRATING OCCASSIONS- DIGITAL WAY 20
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SHARE HOLDING PATTERN- 31st March 2025 21 69.50% 4.88% 11.60% 14.02% Promoters Mutual Funds FPIs Others
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Rebased to 100 SHARE PRICE MOVEMENT 22 80 85 90 95 100 105 110 115 120 Pidilite Sensex
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CONSISTENT DIVIDEND PAYOUTS Note: The Net Profit considered for above calculation is excluding exceptional items 23 36.9% 39.9% 42.7% 44.5% 45.4% 0% 10% 20% 30% 40% 50% FY20 FY21 FY22 FY23 FY24 FY 25: The Board of Directors have proposed a final dividend of Rs. 20 Per share (Dividend Payout – 48.6%), subject to approval of shareholders at the AGM.
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CIN : L24100MH1969PLC014336 Manisha Shetty [Company Secretary] Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (E), Mumbai - 400 059. Phone : +91 22 28357949 Fax : +91 22 28216007 Investor Relations Investor.relations@pidilite.co.in 24