Mixed bag; strong volume growth while margin disappoints Pidilite Industries Ltd. is a pioneer in consumer and speciality chemicals in India. The company has a diversified product portfolio including adhesives and sealants,...

Pidilite Industries recorded strong consolidated revenue growth of ~20% led by standalone revenue growth of 16% YoY (with volume growth of ~11% YoY) and strong performance of domestic subsidiary (revenue up by 48% YoY). Standalone consumer & bazaar (C&B;) segment volume growth was up ~13% while industrial product volume recorded a marginal decline of ~2% YoY. On a consolidated basis, domestic subsidiaries recorded a strong...

24 January 2019 consolidated net sales grew 19.8% YoY to INR 18.5b (est. Standalone Consumer & Bazaar segment revenues were up 17.3% YoY to INR13.4b with underlying sales volume and mix growth of 13%, while EBIT margins contracted 500bp to 26.9%. Overall standalone underlying sales volumes and mix grew 11% YoY. Consolidated Consumer & Bazaar segment revenues were up 22.1% YoY to INR16b with EBIT margins down ~570bp YoY to 22.4%. Industrial segment grew by 6% to INR2.6b with margins down 510bp to 11.

growth opportunity in adhesives, sealants and waterproofing given strong brand like Fevicol and Dr. Fixit under its belt. International subsidiaries except in USA and Brazil are performing well. PIDI is looking at strategic alternatives in USA and Brazil. Long term outlook looks robust as emerging businesses like Nina, Percept (waterproofing services), ICA (wood coatings), Dr. Fixit (waterproofing), Roff (tiling solutions) and CIPY JV's (floor coatings) will emerge as key growth drivers in coming years....

Pidilite Industries Ltd Q2FY19 results Comment Revenue fell by 4.18% to Rs. 1757.44 Cr in Q2FY19 when compared to the previous quarter. On the other hand, it grew by 14.88% when compared with Q2FY18.

Pidilite Industries' Q2FY19 results were above our estimates on the sales front with 14.9% YoY growth. On a standalone basis, company reported a sales growth of 11.9% aided by 9.6% volume growth. Consumer & bazaar segment & industrial product segment witnessed a volume growth of 10.7% & 4.8% respectively. Steep increase in VAM prices along with rupee depreciation resulted in 360 bps contraction in gross margin. This along with the higher advertisement spends led to the 380 bps shrinkage in operating...

Remains positive on emerging categories like Waterproofing, Tiling Adhesives, Wood Finishes and floor coatings We cut our EPS estimates for FY19-20 by 6-6.7% as inflation in input costs...

Mr. Bharat Puri (CEO, Pidilite) gave cautiously optimistic outlook on demand post 4 consecutive quarters of double digit volume growth. PIDI is well placed to capitalize on the growth opportunity in adhesive and sealants given strong brand like Fevicol and extension of Fevicol to new applications in line with...

We attended an analyst meet hosted by the management of Pidilite Industries (PIDI). PIDI estimates India's waterproofing market at between Rs 20bn and Rs 30bn, with high potential for growth considering a global waterproofing-to-paint market ratio of 1:6 to 1:8 versus just 1:15 in India. PIDI...

Revenue grew by 23.48% to Rs. 1834.07 Cr in Q1FY19 when compared to the previous quarter. Pidilite Industries Ltd Q1FY19 results Comment

ONGC's Q1FY19 PAT at Rs 61bn (+58% YoY) came in below estimates but carries no subsidies. Below-expected oil realisations and higher expenses led to a miss on EBITDA at Rs 147bn (+49% YoY). Oil production stood at 6.2mmt (3.5% YoY) and gas output at 6.2bcm (+3.2% YoY). We raise oil estimates to US$ 75/80/85 for FY19/FY20/FY21 (with subsidies at 13-19% of gross) and increase our Mar'19 target price to Rs 220 (vs. Rs 210). At 5.8x/5x FY20E/...

Standalone sales grew 22% YoY led by sales volume & mix growth of ~18% YoY. Both consumer & bazaar (C&B;) and industrial segments recorded strong volume, mix growth of ~20%, ~7% YoY, respectively, in Q1FY19 largely on low base and sustained demand from rural India. The strong performance of the domestic business helped drive consolidated sales growth at ~20% YoY (~23% excluding sales of cyclo division) while the performance of international subsidiaries stayed muted. Overseas subsidiaries...

2 August 2018 to INR18.3b (est. Reported Consumer Bazaar segment revenue increased 11.3% YoY to INR15.9b, with the segmental EBIT margin expanding 190bp YoY to 25.3%. Reported Industrial segment revenue grew 3.7% YoY to INR2.6b, with the segmental margin contracting 10bp YoY to 14.7%. Standalone reported Consumer Bazaar segment revenue was up 9.6% YoY to INR13.7b, with (est.

Sustains investment in emerging categories like Waterproofing, Tiling Adhesives, Wood Finishes and floor coatings PIDI has sustained double digit volume growth (18%) for 4 th quarter which shows the strength of its brands and business model. PIDI is well placed to capitalize on the growth opportunity in adhesive and sealants given strong...

Pidilite Industries Limited is an Indian-based adhesives manufacturing company.

Standalone sales grew 14.5% YoY led by sales volume & mix growth of ~13% YoY. Both consumer & bazaar (C&B;) and industrial segments recorded strong volume, mix growth of ~13%, ~14% YoY, respectively, in Q4FY18 supported by sustained demand from rural India. On consolidated basis, sales growth at ~15% YoY (~20% excluding sales of cyclo division) was driven by strong performance of domestic, international subsidiaries. Overseas subsidiaries recorded sales growth of ~16% YoY (constant currency basis)...

In the domestic business, the existing well-penetrated categories are expected to grow at ~1.5x of GDP growth, led by repeated usage. Newer and smaller businesses, too, have the potential to grow at 2-4x of GDP growth, driven by rising penetration. Internationally, PIDI will now focus more on emerging markets like South-East Asia, the Middle East, Bangladesh and Thailand. Investments in the US and Brazil businesses will be put on the back burner. With the Goods & Services Tax (GST) now getting streamlined, management expects conversion from unorganized to organized trade to be faster in adhesives than in staples. Strict tax compliance norms are expected to test the survival of unorganized (~30% of the market) and even smaller players. Margins might come under pressure in the near term owing to commodity cost inflation. We maintain Buy on PIDI with a target price of INR1,065, based on 45x March FY20E EPS ??? at a 15% premium to the three-year average P/E.

Decent quarter; Rising commodity costs remain a concern Pidilite Industries Ltd. is a pioneer in consumer and speciality chemicals in India. The company has a diversified product portfolio including adhesives and sealants,...

ICICI Securities Ltd | Retail Equity Research During Q3FY18, Pidilite recorded consolidated sales growth of ~16% YoY (~17% excluding sales of cyclo division). On the low base of Q3FY17, standalone revenue grew ~20% YoY led by volume & mix growth of ~22%. Consumer & bazaar (C&B;) and industrial product segment recorded sales growth of ~20% each YoY supported by volume, mix growth of ~23%, ~18% YoY, respectively. Overseas business recorded muted topline growth of ~3% YoY (constant...

Solid Volume Growth Drives Overall Performance; C&B (23% YoY) &Industrial Product (18% YoY): PIDI in Q3FY18 recorded solid performance on account of ~ 23% volume growth in underlying standalone consumer & bazaar products and ~ 18% growth in volume & mix of industrial products on YoY basis.