Pidilite Industries Ltd. share price target

Pidilite Industries is the pioneer in consumer and specialties chemicals in India with diverse product range

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...

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....

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.

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...

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

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...

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/...