Pidilite Industries Q1 Net up 26 pc at Rs 160.9 crore

NEW DELHI: Pidilite Industries today reported 25.75 per cent increase in net profit at Rs 160.9 crore for the quarter ended June 30, 2013, driven by 'consumer and bazaar' product segment.

The company had reported net profit of Rs 128 crore in the same quarter of previous fiscal.

Pidilite Industries' net sales during the quarter under review increased by 12.12 per cent to Rs 1,118.81 crore as against Rs 997.8 crore in the corresponding period last year, the company said in a filing with BSE.

During the quarter, the company's revenue from consumer and bazaar products grew by 13.99 per cent at Rs 950.53 crore while that from industrial products grew by a marginal 0.78 per cent to 186.32 crore.

The company's Board has also approved acquisition of the adhesive business of Suparshva Adhesives Ltd.

"The slump sale agreement includes brands, know-how and other assets pertaining to the adhesive business. The gross turnover for the year ended March 31, 2013 of the business being acquired is less than one per cent of the company's turnover," Pidilite said in the filing.

Overall expenses of the company during the quarter were at Rs 914.14 crore, an increase of 10.17 per cent as against Rs 829.74 crore in the same quarter last year.