Pidilite delivered decent performance in 3QFY17 despite demonetisation. While consolidated net sales remained flat at Rs13.3bn, net profit grew by 1.7% YoY to Rs2bn. The core Consumer & Bazaar business posted 0.8% YoY growth in sales, while the Industrial Products segment witnessed 3.6% YoY de-growth. Overall quarterly volumes fell by 0.7%. Considering the impact of demonetisation on 3QFY17 numbers, we have downwardly revised our earnings estimates by ~3%. Expecting Pidilite's revenue and earnings to grow 12% and 15.5% CAGR respectively through FY16-19E, we maintain our BUY recommendation on the stock with Target Price of Rs832....