Pidilite Industries Result Analysis and Implications

We will be analyzing Pidilite Industries Limited which is an Indian adhesives manufacturing company. It also sells art material, construction chemicals, and other industrial chemicals.

Pidilite Industries Ltd.| CMP Rs. 1431 | M Cap Rs. 72690 Cr | 52 W H/L 1710/1090

The result is broadly in-line with expectations

Revenue from Operations came at Rs. 1544.7 Cr (-19.8% QoQ, -5.8% YoY) vs expectation of Rs. 1539.5 Cr, QoQ Rs. 1926.6 Cr, YoY Rs. 1638.9 Cr

EBIDTA came at Rs. 300.9 Cr (-35% QoQ, 7.9% YoY) vs expectation of Rs. 291.4 Cr, QoQ Rs. 463.2 Cr, YoY Rs. 278.8 Cr

EBITDA Margin came at 19.5% vs expectation of 18.9%, QoQ 24%, YoY 17% Adj. PAT came at Rs. 157.5 Cr vs expectation of Rs. 223.7 Cr, QoQ Rs. 341.8 Cr, YoY Rs. 246.1 Cr

Quarter EPS is Rs. 3.1

Share is trading at P/E of 55.1x FY21E EPS

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