ICICI Securities Ltd | Retail Equity Research Pidilite recorded muted performance during Q1FY18 wherein sales were largely hurt by lower dealer demand in both consumer & bazaar (C&B;) and industrial segments. The flattish volume was primarily due to de-stocking of inventories at the dealers level before the implementation of GST. Overseas business declined by ~19% YoY due to divestment of US Cyclo business in US while sales were marred by floods in Bangaladesh and Sri Lanka...