Pidilite Industries Q4 Review - Input Cost Inflation Impacts Performance: ICICI Securities
Dr. Fixit brand by Pidilite Industries Ltd. (Source: Company website)

Pidilite Industries Q4 Review - Input Cost Inflation Impacts Performance: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Pidilite Industries Ltd. reported sharp fall in Ebitda margin to 20.6% (our estimate: 21.8%), down 790 basis points QoQ led by steep decline in gross margins by 390bps QoQ on the back of substantial increase in vinyl acetate monomer and other input costs.

However, standalone consumer and 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 Rs 22.4 billion (our estimate: Rs 22.9 billion).

Business-to-business segment continued to recover sequentially.

Araldite reported strong double-digit growth but margins were impacted due to higher input cost.

We believe growth prospects remain robust on the back of market share gains, continuous innovation, increasing penetration in rural, do-it-yourself and e-commerce business.

Click on the attachment to read the full report:

ICICI Securities Pidilite Q4FY21 Results Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.