This stock in the chemical industry announced today that a wholly owned subsidiary of the company has incorporated a joint venture company in UAE on 2nd October 2023.
At 12.10, shares of Pidilite Industries Ltd were trading at Rs. 2402 per share, down by 0.95 percent from the previous closing price of Rs. 2425 per share.
The company announced in the filing through bombay stock exchange (BSE) on 3rd October that “Pidilite MEA” a wholly owned subsidiary of the company and Corporacion Empresarial Grupo Puma SL, Spain (‘Grupo Puma, Spain’) have incorporated a joint venture company in UAE in the name of “PidilitePuma MEA Chemicals” on 2nd October 2023 to carry on the business manufacturing of construction chemicals.
Both the companies Pidilite MEA and Grupo Puma, Spain will hold 50 percent of the paid up capital in PidilitePuma.
Looking at the financial reports, company revenue increased by 5.61 percent to Rs. 3275.11 crores in Q1FY24 from Rs. 3101.11 crores in Q1FY23, in the same time period net profit increased by 32.39 percent to Rs. 468.16 crores from Rs. 353.61 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 19.04 percent and return on capital employed (ROCE) of 25.18 percent in the last financial year.
Pidilite Industries Ltd is a market leader in the adhesives and chemical sector in India. Company manufactures adhesives, sealants, construction chemicals, hobby colours and polymer emulsions in India. Over two–third of the company’s sales come from products and segments it has pioneered in India.
Written by Vinit Israni
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