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Motilal Oswal Report
Pidilite Industries Ltd. saw strong recovery in Q2 FY21 led by consumer and bazaar segment, which reported 9.4% sales growth YoY (7.4% volume and mix growth YoY).
Consolidated sales grew 4.1% YoY (ahead of estimate 10% decline YoY).
A mix of better-than-expected sales, low raw material costs (which have gone up since) and sharp cut in advertisement spends (which should normalize) led to margins of 27.3% , well ahead of the targeted 21-24% levels by management.
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