Pidilite Swaps Pepperfry Stake for TCC Concept Equity

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AuthorAnanya Iyer|Published at:
Pidilite Swaps Pepperfry Stake for TCC Concept Equity
Overview

Pidilite Ventures has offloaded its entire stake in online furniture retailer Pepperfry to TCC Concept Ltd. This strategic share swap transaction results in Pidilite Ventures holding a 2.20% equity stake in TCC Concept. The move comes as Pidilite Industries reported an 8.2% rise in consolidated net profit for the September quarter.

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Pidilite Ventures Exits Pepperfry in Strategic Share Swap

Pidilite Ventures Pvt. Ltd. (PVPL), a wholly-owned subsidiary of Pidilite Industries Limited, has completed the transfer of its entire shareholding in Pepperfry Limited. The transaction involved a 100% share swap with TCC Concept Ltd.

Following the swap, PVPL now holds a 2.20% equity stake in TCC Concept. Pidilite Industries confirmed that the transaction is not a related party transaction and that the promoter and promoter group have no interest in TCC Concept. This move signals a strategic divestment from its direct investment in the online furniture marketplace.

Pidilite Industries Reports Strong Q2 Performance

Separately, Pidilite Industries Limited posted robust financial results for the July-September quarter. The company reported an 8.2% year-on-year increase in consolidated net profit, reaching ₹584.6 crore. This marks an improvement from the ₹540.3 crore recorded in the same period last year.

Revenue for the quarter saw a healthy 9.9% rise, totaling ₹3,554 crore, slightly surpassing market expectations of ₹3,525 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also climbed 10.5% year-on-year to ₹850 crore, falling just short of an estimated ₹853 crore.

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