Neutral Pidilite Industries Ltd For Target Rs. 1,600 by Motilal Oswal Financial Services Ltd
* We expect demand recovery in 2Q, though rural growth continues to outperform urban growth. Core category can witness some headwinds due to the subdued demand environment at macro level.
* Consolidated revenue/volume to grow 9%/7% YoY.
* We expect gross margin to expand 45bp YoY to 54.8%, driven by a YoY decline in VAM prices.
* Outlook on domestic and international demand is a key monitorable.

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