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In-line performance; margin outlook improves * Pidilite Industries (PIDI)’s 1QFY24 performance was in line, due to healthy volume expansion. The domestic C&B business clocked a sharp volume growth of 12% YoY. Meanwhile, the B2B segment posted a single-digit decline mainly due to lower exports and weaker demand from export-focused sectors. * Its key RM, vinyl acetate monomer (VAM), continued to decline materially to ~USD1,150/t from USD2,250/t in 1QFY23. Consequently, the GP ma...
Neutral Pidilite Industries Ltd For Target Rs.R2,440 - Motilal Oswal Financial Services Ltd
In-line performance; margin outlook improves * Pidilite Industries (PIDI)’s 1QFY24 performance was in line, due to healthy volume expansion. The domestic C&B business clocked a sharp volume growth of 12% YoY. Meanwhile, the B2B segment posted a single-digit decline mainly due to lower exports and weaker demand from export-focused sectors. * Its key RM, vinyl acetate monomer (VAM), continued to decline materially to ~USD1,150/t from USD2,250/t in 1QFY23. Consequently, the GP ma...
Neutral Pidilite Industries Ltd For Target Rs.2,440 - Motilal Oswal Financial Services
Pidilite Industries is currently trading at Rs. 2535.00, up by 14.85 points or 0.59% from its previous closing of Rs. 2520.15 on the BSE. The scrip opened at Rs. 2557.80 and has touched a high and low of Rs. 2557.80 and Rs. 2517.05 respectively. So far 11619 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2916.85 on 15-Sep-2022 and a 52 week low of Rs. 2250.85 on 24-Feb-2023. Last one week high and low of the sc...
Pidilite Industries trades higher on reporting 32% rise in Q1 consolidated net profit
India's Pidilite Industries, maker of adhesive brand Fevicol, reported a more than 32% rise in first-quarter profit on Thursday, aided by strong demand and reduced input costs. The company's consolidated net profit rose to 4.68 billion rupees ($56.53 million) for the three months ended June 30, it said in an exchange filing. Consolidated revenue from operations rose nearly 6% to 32.75 billion rupees. The company, also known for its waterproofing product Dr. Fixit and paper-to...
India`s Pidilite Industries posts Q1 profit rise on strong demand, easing costs
Pidilite Industries is currently trading at Rs. 2690.35, up by 11.30 points or 0.42% from its previous closing of Rs. 2679.05 on the BSE. The scrip opened at Rs. 2695.05 and has touched a high and low of Rs. 2706.00 and Rs. 2672.00 respectively. So far 11056 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2916.85 on 15-Sep-2022 and a 52 week low of Rs. 2075.00 on 22-Jun-2022. Last one week high and low of the sc...
Pidilite Industries gains on launching manufacturing facilities under two joint venturese
Pidilite Industries is currently trading at Rs. 2684.00, up by 13.05 points or 0.49% from its previous closing of Rs. 2670.95 on the BSE. The scrip opened at Rs. 2645.05 and has touched a high and low of Rs. 2693.00 and Rs. 2645.05 respectively. So far 534 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2916.85 on 15-Sep-2022 and a 52 week low of Rs. 2009.80 on 20-Jun-2022. Last one week high and low of the scri...
Pidilite Industries inches up as its arm increases stake in subsidiary.
Pidilite Industries (PIDI) reported consolidated revenue growth of 7.3% YoY (4- year CAGR of 13.2%) driven by 10.4% YoY growth in the consumer & bazaar (C&B) segment while revenue for industrial products (B2B) segment declined 1.8% YoY. Standalone C&B segment witnessed volume growth of 7% YoY. Consolidated operating margin expanded 108bps/53bps YoY/QoQ as raw material pressures eased (gross margin up 328bps/495bps YoY/QoQ) resulting in EBITDA/APAT growth of 14.5%/11.3% YoY, respec...
Add Pidilite Industries Ltd For Target Rs.2,472 - ICICI Securities
* In 4QFY23, PIDI reported in-line sales and gross margin, while EBITDA came in ~12% lower than our expectation due to increased marketing expenses. The rural and semi-urban markets grew faster than the urban market for the first time in the past few quarters. * In the paints business, PIDI launched decorative paint, ‘Haisha’, after a careful survey and receiving input from dealers. It is currently launched in test markets (AP and Telengana) and the company will not rush to lau...
Neutral Pidilite Industries Ltd For Target Rs.2,349 - Motilal Oswal Financial Services
India's Pidilite Industries Ltd, maker of adhesive brand Fevicol, on Monday reported a rise in fourth-quarter profit, helped by easing raw material costs and strong demand. The company's consolidated net profit rose 11.3% to 2.83 billion rupees ($34.6 million) for the quarter ended March 31, it said in an exchange filing. Consolidated revenue from operations rose 7.3% to 26.89 billion rupees, primarily driven by improvement in rural and semi-urban demand during the quarter, Pidi...
India's Pidilite posts rise in Q4 profit on easing costs, strong demand
Pidilite Industries (PIDIND) Buy Pidilite Industries (PIDIND) CMP 2411.75; Target 2444.00; Stop Loss 2397.00 Federal Bank (FEDBAN) Buy Federal Bank (FEDBAN) CMP 135.00; Target 136.50; Stop Loss 133.40 To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631 Above views...
Stock Picks : Pidilite Industries Ltd and Federal Bank Ltd By ICICI Direct
Margin outlook better for H2FY23 on lower raw material cost Pidilite Industries (PIDI) reported Q2FY23 consolidated revenue growth of 14.7% YoY, in line with estimates (3-year CAGR of 18.6%), on a high base, with consumer & bazaar (C&B) segment revenue growing 14.1% YoY and business to business (B2B) segment revenue growing 17.2% YoY. Operating margin declined 433bps YoY (-47bps QoQ) to 16.6% due to higher raw material cost (gross margin down 441bps/71bps YoY/QoQ), resulting in EBI...
Hold Pidilite Industries Ltd For Target Rs.2,655 - ICICI Securities
Volume growth takes hit; margin pressure sustains… About the stock: Pidilite is a market leader in the adhesive and sealants business. * The company’s consumer & bazaar (C&B) segment (adhesives & sealants, construction & paint chemical, art & craft materials) contributes 80% to topline while the B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline * Has 4800+ distributors, strong balance sheet (RoE, 19%, RoCE, 22%) Q2F...
Hold Pidilite Industries Ltd For Target Rs.2965 - ICICI Direct
In line sales, margin to see a sharp recovery from 4QFY23 * PIDI reported an in line 2QFY23 sales and volume growth. Volume growth in the Consumer and Bazaar segment stood ~1%, which indicates the effect of a high base over the preceding few quarters. * While the acquisition costs of a key raw material (VAM) have nearly halved in the past few months, considerable high cost inventory, impact of depreciation in the INR and no material reduction in other raw material costs mean that gross ...
Neutral Pidilite Industries Ltd For Target Rs.2,500 - Motilal Oswal
Pidilite Industries (PIDI) reported better than expected consolidated revenue growth of 60.1% YoY (3-year CAGR of 15.4%) on a low base with standalone consumer & bazaar (C&B) segment witnessing volume growth of 49% YoY and the B2B segment volumes growing 29% YoY. Despite higher raw material costs (gross margin down 741bps/181bps YoY/QoQ) consolidated operating margin held up (-87bps/+108bps YoY/QoQ) due to operating leverage and better cost management. Prices of key inputs like VAM ha...
Hold Pidilite Industries Ltd For Target Rs. 2,504 - ICICI Securities
Strong volume growth on favourable base About the stock: Pidilite is a market leader in the adhesive and sealants business. * The company’s consumer & bazaar (C&B) segment (adhesives & sealants, construction & paint chemical, art & craft materials) contributes 80% to topline while the B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline * Has 4800+ distributors, strong balance sheet (RoE, 19%, RoCE, 22%) Q1FY23 Results: Robus...
Hold Pidilite Industries Ltd For Target Rs.2510 - ICICI Direct
Pidilite Industries is currently trading at Rs. 2868.90, up by 10.70 points or 0.37% from its previous closing of Rs. 2858.20 on the BSE. The scrip opened at Rs. 2865.00 and has touched a high and low of Rs. 2880.50 and Rs. 2846.85 respectively. So far 10012 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2894.90 on 09-Sep-2022 and a 52 week low of Rs. 1988.60 on 17-Jun-2022. Last one week high and low of the sc...
Pidilite Industries gains on collaborating with 100X.VC for Pidilite Ventures
Tata Consultancy Services Ltd Buy Tata Consultancy Services Ltd@3158.00-3162.00 CMP 3149.60 Stop Loss3129.30 Target 3186.00/3212.00 Pidilite Industries Ltd Buy Pidilite Industries Ltd@2805.00-2809.00 CMP 2803.85 Stop Loss2779.30 Target 2832.00/2857.00 To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://secure.icicidirect.c...
Stock Picks - Tata Consultancy Services Ltd and Pidilite Industries Ltd By ICICI Direct
Mahindra Holidays & Resorts India Ltd • On the weekly time frame the stock has decisively broken out one year “consolidation range” breakout at 275 levels on a closing basis . This breakout is accompanied with huge volumes indicating increased participation • The stock is well placed above 20, 50, 100 and 200 day SMA’s which reconfirms bullish trend • On the daily and the weekly time frame, the stock is in strong up trend forming a series of highe...
Axis Top Picks For The Week : Mahindra Holidays & Resorts India Ltd, PCBL Ltd, Pidilite Industries Ltd, LIC Housing Finance Ltd
Sales momentum healthy, margin to recover with a lag * Sales growth was ahead of our estimate (three-year growth CAGR of 15% is healthy) and led to comfortable beat on our forecasts despite a higher than expected material cost impact. * The management indicated continued pressure on margin in 2Q (likely to be worse than 1Q), before recovering in 2HFY23 on lower crude-related RM costs going forward * While the earnings outlook is healthy, valuations are rich at 64x FY24E EPS. We...
Neutral Pidilite Industries Ltd For Target Rs.2,440 - Motilal Oswal
Elecon Engineering Company Limited • On the weekly chart, the stock has witnessed “rounding bottom” breakout around 220 levels and sustaining above the same • This breakout is accompanied with huge volumes indicating increased participation • In addition, the stock has confirmed higher tops and bottoms • The stock is well placed above its 20, 50 , 100 and 200 SMA which reconfirmed bullish trend • The daily and weekly strength indicator ...
Weekly Tech Picks - Elecon Engineering Company Limited, Indus Towers Limited, ACC Limited, Pidilite Industries Limited By Axis Securities
Good revenue visibility; material costs a concern in the near term * Sales in 4QFY22 were in line. Its revenue performance was commendable, given the COVID-led disruptions in Jan’22 and a high base of 44.7% in 4QFY21. Two/three-year CAGR was also healthy at 27.5%/15.2%. * Higher than expected raw material prices eroded gross margin, resulting in a significant miss on EBITDA in 4QFY22. While some price hikes were taken in May’22, the management expects VAM prices to remain el...
Neutral Pidilite Industries Ltd For Target Rs.2,035 - Motilal Oswal
The company reported standalone net profit of Rs 318.16 crore for the quarter ended March 31, 2022 as compared to Rs 276.52 crore in the same period last year, registering a year-on-year growth of 15.06 per cent. Net revenue of the company rose moderately by 12.24 per cent at Rs 2,084.40 crore in January-March quarter of this fiscal as against Rs 1,857.01 crore in the corresponding period last year. During January-March quarter, operating expenses increased by 20.22 per cent to Rs 1,742.34...
Pidilite Industries Q4 net profit up 15.06% at Rs 318.16 cr
Steady volumes; margin pressure continues * PIDI delivered a healthy 24% sales growth in Q3, in line with estimates, driven by 9% growth in volumes. EBITDA/PAT declined 14%/19% and were below estimates by 8-12%. * The Consumer & Bazaar segment grew by 20%, with 9% volume growth. The B2B segment grew by 35%. Management anticipates some demand impact in Q4 due to Covidrelated restrictions, but remains optimistic about demand recovery from Q1FY23. * VAM prices were up 120%+ yoy to ~...
Sell Pidilite Industries Ltd For Target Rs.2,200 - Emkay Global
Margins under severe pressure Pidilite Industries (PIDI) posted Q3FY22 consolidated revenue (up 24% YoY) and EBITDA (down 14.3% YoY) ahead of our estimates. On a twoyear basis, consolidated revenue and EBITDA were up 48% and 18.5%, respectively. Overall volume and mix grew 9.4% YoY. Consumer and bazaar sales grew 22.5% YoY (volume and mix up 9% YoY), led by growth across all categories. B2B segment grew 30.2% YoY, led by 13% volume growth. Gross and EBITDA margin saw 1117bps YoY and 861bps...
Buy Pidilite Industries Ltd For Target Rs.2,980 - Edelweiss Financial Services
Sales in line, margin recovery taking longer than expected * Despite a challenging base of 19% sales growth, PIDI reported a healthy 24% sales growth (in line with expectations) in 3QFY22 as demand remained strong. While Jan’22 has been affected by the third COVID wave, we have seen that demand recovery has also been sharp after the first and the second waves ebbed. * While there was a significant miss on EBITDA margins in 3QFY22 led by high material costs, the management expects ...
Neutral Pidilite Industries Ltd For Target Rs.2,470 - Motilal Oswal
Pidilite Industries Buy Pidilite Industries Ltd @ 2400.00-2405.00 CMP 2405.00 TGT 2450.00 SL 2378.40 Indian Oil Corporation Sell Indian Oil Corporation Ltd @ 109.50-110.50 CMP 109.05 TGT 107.80 SL 111.20 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all particip...
Stock Picks - Pidilite Industries Ltd and Indian Oil Corporation Ltd By ICICI Direct
Higher input cost weighs on margin… About the stock: Pidilite is a market leader in the adhesive and sealants business. * The company’s consumer & bazaar (C&B) segment (adhesives & sealants, construction & paint chemical, art & craft materials) contributes 80% to topline while B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline * Has 4700+ distributors, strong balance sheet (RoE, 20%, RoCE, 24%) Q2FY22 Resul...
Hold Pidilite Industries Ltd For Target Rs.2640 - ICICI Direct
Sales beat impressive; pressure on margins to escalate * While Pidilite Industries (PIDI)’s EBITDA and PAT were in-line, healthy sales momentum (two-year CAGR of ~21% in 2QFY22) led to a significant sales beat, even as material cost pressures remained high. VAM costs have nearly tripled in recent months over 1HFY21 levels after a relative drop over Jun–Jul’21. * Good volume momentum and price increases (already healthy in the double digits, with more likely to com...
Neutral Pidilite Industries Ltd For Target Rs.2,340 - Motilal Oswal
Higher input price delays EBITDA margin recovery… About the stock: Pidilite is a market leader in the adhesive and sealants business. * The company’s consumer & bazaar (C&B) segment (adhesives & sealants, construction & paint chemical, art & craft materials) contributes 80% to topline while the B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline * Has 4700+ distributors, strong balance sheet (RoE, 20%, RoCE, 24%) &nbs...
Hold Pidilite Industries Ltd For Target Rs.2390 - ICICI Direct
Remarkable result amid the second COVID wave; demand prospects healthy * PIDI reported a strong beat v/s our estimate in its 1QFY22 result, with sales down only 4% over 1QFY20 levels, despite the lockdowns caused by the second COVID wave. Demand rebound was strong in Jun’21 and continued to sustain in Jul’21 as well. * While gross margin was adversely impacted in 1QFY22 due to sharply higher VAM costs (up 2x YoY), leading to a 440bp YoY contraction in gross margin, there has...
Neutral Pidilite Industries Ltd For Target Rs.2,150 - Motilal Oswal
Lockdowns and high input prices dent earnings * PIDI posted a lower-than-expected performance in Q1FY22, with sales/EBITDA missing our estimates by 11%/23%. Sales grew 120% (-4% 2-year CAGR), with organic growth of 113%. EBITDA margins contracted 270bps qoq due to high input inflation. * The overall commentary was fairly positive and highlighted recovery trends since Jun’21. The distribution expansion remains in focus. It highlighted expansion of the manufacturing set-up with 12 ...
Sell Pidilite Industries Ltd For Target Rs.1,730 - Emkay Global
Key News Pidilite PAT jumps 12.7 times in Q1 to Rs 217.6 cr; revenue rises 121% Adhesive major Pidilite Industries reported a 1,277 percent year-on-year (YoY) jump in its profit after tax (PAT) for the April-June quarter. Net profit for the quarter stood at Rs 217.6 crore, up from Rs 15.8 crore in the corresponding quarter last year. Its operating revenue grew 121 percent to Rs 1,936.8 crore from Rs 877.8 crore. In comparison to its pre-COVID performance, Pidilite’s top-line and b...
Key News - Pidilite Industries Ltd, PTC India, Bajaj Electricals Ltd, Bata India Ltd, PNB Housing Finance, Zydus Cadila Healthcare Ltd By ARETE Securities
Pidilite Buy Pidilite Industries Ltd @ 2315.00-2320.00 CMP 2314.15 TGT 2356.00 SL 2296.70 Coal India Sell Coal India Ltd @ 142.50-143.00 CMP 142.95 TGT 141.30 SL 144.30 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are for information...
Stock Picks - Pidilite Industries Ltd and Coal India Ltd By ICICI Direct
Remarkable sales performance; severe pressure on margin ahead * PIDI delivered a strong topline performance in 4QFY21. Even if we were to exclude the addition of the first full quarter of the Huntsman business (4.5% of sales in 4QFY21), which was acquired in Nov’20, sales grew by 37.6% YoY. * Vinyl acetate monomer (VAM) prices have doubled in Apr-May’21 from consumption cost of USD970/mt in 3QFY21. The management guided that despite price increases and cost savings, margin w...
Neutral Pidilite Industries Ltd For Target Rs.1,700 - Motilal Oswal
Input cost inflation impacts performance Pidilite Industries (PIDI) reported sharp fall in EBITDA margin to 20.6% (I-Sec: 21.8%), down 790bps QoQ led by steep decline in gross margins by 390bps QoQ on the back of substantial increase in VAM and other input costs. However, standalone Consumer & Bazaar volume growth remained robust at 45.3% YoY led by strong growth across major categories. Consolidated revenue too was up 45.3% YoY at Rs22.4bn (I-Sec: Rs22.9bn). B2B segment continued to r...
Hold Pidilite Industries Ltd For Target Rs.1,787 - ICICI Securities
Solid performance; Outlook positive Pidilite is a leading manufacturer of adhesives in India. It owns the flagship Fevicol brand. In FY21, Pidilite derived ~80% & ~22% of its turnover from Consumer & Bazar products and Industrial Products segment, respectively. * Consolidated revenue grew 44.7% YoY to Rs. 2,236cr, led by Consumer and Bazar segment (+54.6% YoY) and B2B business (+21.3% YoY). * EBITDA rose 53.1% YoY, with margin expanding 110bps YoY on lower costs. Resultantly,...
Large Cap : Buy Pidilite Industries Ltd For Target Rs. 2,131 - Geojit Financial
The company reported standalone net profit of Rs 276.52 crore for the quarter ended March 31, 2021 as compared to Rs 159.59 crore in the same period last year, registering a year-on-year growth of 73.27 per cent. Net revenue of the company rose substantially by 40.84 per cent at Rs 1,857.01 crore in January-March quarter of this fiscal as against Rs 1,318.55 crore in the corresponding period last year. During January-March quarter, operating expenses increased by 40.25 per cent to Rs 1,449...
Pidilite Industries Q4 net profit jumps 73.27% at Rs 276.52 cr
Derivative Ideas PIDILITIND FUTS added around 7% in open interest as long buildup was seen in it till closing time. Current chart pattern also indicates further up move in its price. We suggest buying PIDILITIND as per below levels. Strategy:- BUY PIDILITIND BETWEEN 1850-1860 STOP LOSS 1820 TARGET 1930 To Read Complete Report & Disclaimer Click Here Please refer disclaimer http://ex.religareonline.com/disclaimer SEBI Registration number is INZ0...
Buy Pidilite Industries Ltd Target Rs. 1930 - Religare Broking
Religare Super Idea To Read Complete Report & Disclaimer Click Here Please refer disclaimer http://ex.religareonline.com/disclaimer SEBI Registration number is INZ000174330 Above views are of the author and not of the website kindly read disclaimer
Buy Pidilitind Ltd For Target Rs.1850 - Religare Broking
Motherson Sumi Buy Motherson Sumi @ 220.00-221.00 CMP 220.00 TGT 222.80/225.00 SL 218.20 Pidilite Sell Pidilite @ 1735.00-1740.00 CMP 1728.00 TGT 1721.60/1707.00 SL 1752.60 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Views express by all participants are for inf...
Stock Picks - Motherson Sumi & Pidilite By ICICI Direct
Demand visibility improves across segments Pidilite Industries (PIDI) has reported a strong beat in Q3FY21 with consolidated revenue up 19.3% YoY at Rs23bn (I-Sec: Rs22bn). This was driven by 22%/12% YoY standalone volume and mix growth in consumer & bazaar (C&B) / B2B segment, respectively. EBITDA margin too rose sharply to 27.9% (I-Sec: 25.1%), up 390bps/60bps YoY/QoQ, led by lower input costs and savings in A&P spends. Robust growth was registered across all verticals driven...
Add Pidilite Industries Ltd For Target Rs. 1,815 - ICICI Securities
Pidilite Industries Buy Pidilite Industries Ltd @ 1760.00-1766.00 CMP 1760.00 TGT 1797.00 SL 1746.40 Eicher Motors Buy Eicher Motors Ltd @ 2965.00-2970.00 CMP 2966.00 TGT 3025.00 SL 2938.40 To Read Complete Report & Disclaimer Click Here https://secure.icicidirect.com/Content/StaticData/Disclaimer.html Above views are of the author and not of the website kindly rea...
Stock Picks - Pidilite Industries and Eicher Motors By ICICI Direct
Below are Quote On Pidilite Industries 3QFY21 By Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd Pidilite Industries reported net sales at Rs 2,290 Cr grew by 20% (*Excluding Pidilite Adhesives Pvt Ltd (PAPL) - 16%) over the same quarter last year. EBITDA before non-operating income at Rs 641 Cr grew by 38% (*Excluding PAPL - 33%) over the same quarter last year on account of lower input cost and A&SP spends . Profit after tax (PAT) at Rs 44...
Quote On Pidilite Industries 3QFY21 By Keshav Lahoti, Angel Broking
Key News Maruti Suzuki Q3 net profit zooms 24% to Rs 1,941.4 crore on higher sales India’s largest carmaker Maruti Suzuki on Thursday reported a 24 per cent year-on-year (YoY) rise in net profit to Rs 1,941.4 crore for quarter ended December 31 (Q3) of financial year 2020-21 (FY21). However, operating margins contracted by 70 basis points (bps) to 9.5 per cent, compared with 10.2 per cent in the corresponding period last year, because of a 31.29 per cent increase in raw material c...
Key News Maruti Suzuki, Pidilite Industries & Bharti Airtel Ltd by SPA Securities
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