Adhesives and industrial chemicals manufacturer Pidilite Industries today reported a 16.77 per cent decline in consolidated net profit at Rs 226.51 crore for the first quarter ended June 30, 2017.
The company had reported a net profit of Rs 272.15 crore during the same period of previous fiscal, Pidilite Industries said in a BSE filing.
Total income from operations during the quarter under review stood at Rs 1,712.49 crore as against Rs 1,715.38 crore in the year-ago period.
Commenting on the results, Pidilite Industries Managing Director Bharat Puri said: "Performance in this quarter was impacted by the short term challenges of transition to GST largely as a result of destocking by customers in June as well as an upward trend in some key raw material prices."
The stock closed 2 per cent up at Rs 827.85 on BSE.
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