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Annual Report 2018-19 18 ANNUAL REPORT 19 www.pidilite.com Floor th Jamnalal Bajaj Marg 208 Nariman Point Mumbai 400 021 DESIGN Pidilite Design Studio + Design Orb | PRINT Parksons Graphics Pidilite Industries Limited Office Registered Regent Chambers, 7 Please check spine before printing check spine before Please Sixty years is a good time to pause, look back and look ahead. In the last six decades, Fevicol has grown as a brand, touched lives in so many ways, and helped build bonds with our employees, dealers, distributors, carpenters, consumers and more. Tracing the journey of Fevicol gives us invaluable insights into how it became one of the most trusted and loved brands in India. These insights will continue to guide us as we travel further on this journey. M B Parekh Chairman ell, the Bond has lasted beyond the chair and now helps bond 1,60,000+ carpenters through the Fevicol Champions’ Club. ell, the Bond has lasted beyond the chair and now helps bond 1,60,000+ carpenters through the Fevicol Champions’ Club. PIDILITE ANNUAL REPORT 2018-19 3 years hence and with 29 Abbys and more, we are still counting. years hence and with 29 Abbys and more, we are still counting. PIDILITE ANNUAL REPORT 2018-19 5 evicol still stands tall as India’s most trusted brand in the adhesive category, and touches over 50 lakh households every year. Fevicol was ranked 38 in The Economic Times - Brand Equity’s survey of the 100 most trusted brands for the year 2018 and was 1st in the adhesive category. evicol still stands tall as India’s most trusted brand in the adhesive category, and touches over 50 lakh households every year. Fevicol was ranked 38 in The Economic Times - Brand Equity’s survey of the st 100 most trusted brands for the year 2018 and was 1 in the adhesive category. PIDILITE ANNUAL REPORT 2018-19 7 single product, to now more than 10+ specific offerings, brand Fevicol has always been the champion adhesive. single product, to now more than 10+ specific offerings, brand Fevicol has always been the champion adhesive. PIDILITE ANNUAL REPORT 2018-19 9 evicol is now a generic word for glue. The breakthrough came in ‘70s with the launch of a 30gm pack for students and professionals, thereby tapping a new user segment for the brand. The concept of using elephants for the Fevicol logo was based on a need to have an easily recognisable symbol in the Indian context, and at the same time, establish the strength of the product. Logo designed by Datta Sawant, O & M evicol is now a generic word for glue. The breakthrough came in ‘70s with the launch of a 30gm pack for students and professionals, thereby tapping a new user segment for the brand. The concept of using elephants for the Fevicol logo was based on a need to have an easily recognisable symbol in the Indian context, and at the same time, establish the strength of the product. Logo designed by Datta Sawant, O&M PIDILITE ANNUAL REPORT 2018-19 11 Our Founder B K Parekh and Indubhai Sheth pioneered the use of white glue with carpenters in India, and inculcated the culture of building bonds with all stakeholders. PIDILITE ANNUAL REPORT 2018-19 13 During the initial years post launching Fevicol, we faced several obstacles due to regulatory restrictions on import and manufacturing. However, we were able to maintain a smooth supply chain for Fevicol. There has never been a single day during last 60 years when the product was out of stock. N K Parekh & S K Parekh partnered with B K Parekh in establishing and growing the Fevicol business during its early years. PIDILITE ANNUAL REPORT 2018-19 15 COMPANY INFORMATION BOARD OF DIRECTORS M B Parekh A N Parekh Uday Khanna Executive Chairman Whole Time Director Director N K Parekh Sabyaschi Patnaik Meera Shankar Vice Chairman Whole Time Director Director Bharat Puri B S Mehta Vinod Dasari Managing Director Director Director A B Parekh Sanjeev Aga Piyush Pandey Whole Time Director Director Director CORPORATE COMPANY SOLICITORS & OFFICE SECRETARY ADVOCATES Ramkrishna Mandir Road Puneet Bansal Wadia Ghandy & Co Off Mathuradas Vasanji Road (w.e.f. 20-02-2019) Andheri (E), Mumbai 400 059 BANKERS CHIEF FINANCIAL Indian Overseas Bank REGISTERED OFFICE OFFICER Corporation Bank Regent Chambers P Ganesh 7th Floor, Jamnalal Bajaj Marg (upto 24-05-2019) ICICI Bank 208, Nariman Point HDFC Bank Mumbai 400 021 INTERNAL AUDITORS Citibank N A Mahajan & Aibara Standard Chartered Bank PLC. REGISTRAR & TRANSFER AGENT TSR Darashaw Consultants AUDITORS Private Limited (Formerly known Deloitte Haskins & Sells LLP as TSR Darashaw Limited) 6-10, Haji Moosa Patrawala Ind. Estate 20, Dr. E Moses Road Mahalaxmi, Mumbai 400 011 CONTENTS Company Information Management Directors’ Auditor’s Notes Discussion and Report Report Analysis Our Social & Balance Corporate Governance Performance Community Sheet Report & Compliance Service Initiatives Certificates Economic Annexure to Profit & Loss Information for Value Added the Directors’ Account Shareholders (EVA) Report 10 years’ Business Statement of Consolidated Financial Responsibility Cash Flows Financial Performance Report Statements PIDILITE ANNUAL REPORT 2018-19 17 ManagEment DiscUssion & Analysis CONSOLIDATED FINANCIALS Consolidated Net Sales grew by Exceptional items represents provision for diminution/ impairment in value of investments 16.6% made by subsidiaries amounting to On a comparable basis (after ` 18.0 crores (mainly investments in reflecting impact of GST from IL&FS amounting to ` 10.6 crores sale of base twelve months) entirely provided). Current tax consolidated Net Sales grew by includes ` 52.8 crores (previous year ` 46 crores) being excess 17.5% provision of earlier years now written back. (excluding sales of Cyclo division of Pidilite USA Inc., which was sold by Pidilite USA Inc. in June 2017). On a constant currency basis, the overseas subsidiaries (excluding Cyclo division of Pidilite USA Inc.) “EBITDA” (Earnings before Interest, reported sales growth of Taxes, Depreciation, Exceptional items and foreign exchange differences) before non-operating 4.7% income, increased by EBITDA declined by 2.3% 54.6% given the input cost led contraction due to low sales growth and in gross margins by higher input costs. 3.1% Like for like sales growth (excluding Profit Before Tax grew by impact of acquisitions), domestic 0.1% sales grew by Profit After Tax declined by 25.8% EBITDA growth was lower than 3.9% sales growth due to higher input costs and foreign exchange losses. STANDALONE FINANCIALS Net Sales of the Company Profit before exceptional item and grew by tax increased by 13.9% 3.4% On a comparable basis (after Profit After Tax increased by reflecting impact of GST from sale of base twelve months) Net Sales grew by 2.5% Current tax includes ` 52.8 crores 14.5% (previous year ` 46 crores) being with sales volume & mix growth of excess provision of earlier years 10.4% now written back. EBIDTA (excluding non-operating income) improved marginally by 0.3% given the input cost led contraction in gross margins by 2.9% PIDILITE ANNUAL REPORT 2018-19 19 PERFORMANCE by indUstry segment (STANDALONE) CONSUMER & BAZAAR Branded Consumer & Bazaar Products Construction (including project PRODUCTS Segment contributed business) and Paint Chemicals contributed 84.4% of the sales of the Company and 19.6% grew by of the sales of the Company and grew by 15.6% Adhesives & Sealants category which 15.7% includes adhesives (including joinery Art & Craft Materials etc. business), sealants and tapes. This contributed category contributed 8.4% 56.4% of the sales of the Company and of the sales of the Company and grew by grew by 17.3% 6.3% INDUSTRIAL PRODUCTS Industrial Products contributed Industrial Resins etc. contributed 14.8% 4.9% of the sales of the Company and of the sales of the Company and grew by grew by 9.2% 7.2% Industrial Adhesives includes Pigments and Preparations adhesives used in packaging, footwear, contributed cigarette and automotive industry. This category contributed 5.6% of the sales of the Company and 4.3% grew by of the sales of the Company and grew by 7.7% 12.1% OTHERS The “Others” segment largely comprises manufacture and sale of Speciality Acetates. The VAM plant has been modified to make a range of Speciality Acetates and Isopropyl Alcohol in the same plant. Import of VAM continues to remain more viable as opposed to in-house manufacture. BUSINESS SEGMENT/PRODUCT CATEGORY % 5.6% Pigments & Preparations 4.9% 4.3% Industrial Industrial Resins etc. Adhesives 8.4% Art & Craft Materials etc. 19.6% Construction & Paint Chemicals 56.4% Adhesives & Sealants 84.4% Consumer & Bazaar Products Segment 14.8% Industrial Products Segment 0.8% Others PIDILITE ANNUAL REPORT 2018-19 21 MARKETING INITIATIVES To increase the brand engagement with millennials for Fevicol and to generate incremental business for Dr. Fixit, we made our digital initiatives deeper in FY 2018-19 through social media and performance marketing campaigns. With the objective of educating consumers about the new usages of Fevikwik and Art & Craft products, we increased the use of digital videos, in the form of pre-roll YouTube ads. The end user engagement programmes such as Fevicol Champions Club and Dr. Fixit ‘Skilled Waterproofer’, continued to reach a wider audience with increased penetration along with participation in key industry events. Our popular TV campaigns for Fevicol Marine, Fevicol Ezeespray, Fevikwik and Dr. Fixit continued in FY 2018-19 with effective repeat runs. NEW PRODUCTS LAUNCH Steelgrip+ is a self-adhesive Fevicreate Kits were launched PVC electrical insulation tape to help foster creativity at home with bounce-back, better through crafting and bring to life adhesion, stronger grip, wonderful concepts such as a ISI certified and fire dream-catcher, bird-house and retardant properties.
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